ZEC, the cryptocurrency that focuses its efforts on offering as much privacy as possible, has been quite asleep in this bull run. If you want to know how likely is a further escalation of the price of Zcash, this analysis and forecast interests you.
At the time of this writing, ZEC is trading at $ 143, and accumulates a loss of 13% in the last 24 hours.
Zcash price daily chart analysis
In the daily chart of the price of ZEC we still observe a clear short-term bearish direction, as a result of the great fall in the market that was accentuated this week.
However, despite continued bearish intentions, the bears failed to manufacture an effective low below $ 105, which speaks to us of exhaustion.
Now Zcash is locked in a range between $ 105 and $ 183.53, but with a slight bullish bias.
Today the price challenged the resistance at $ 183.53, however, it failed to break through, which does not allow the short-term trend to fully recover.
It seems that at the moment the best we can see is a lateral behavior with an upward slant for some more time. However, the chances of testing the lows recently reached are still there.
ZEC weekly chart analysis
In the weekly time frame, Zcash is quite weak, due to the break of the support at $ 201.74.
However, the bulls managed to defend a next support, located at $ 111.34. Now we see how the price recovers from there, but for now it seems a correction to continue falling.
For us to think that the respite is really to continue falling, the support at $ 111.34 must be violated. As long as this is not the case, we still have to keep in mind that if we look to the left, the bullish force is undoubtedly dominant.
To make the Zcash price forecast, we are going to do an analysis of the monthly chart, to observe the complete picture, and not just the fall that we have been seeing lately in the market.
From the time frame with monthly candles we see that the recent decline is being a simple retracement, of a succession of increasingly higher lows and highs that has been held since mid-2020.
These higher and higher highs tell us about the development of long-term momentum, which made support at $ 22, and could quietly seek resistance at $ 479.76.
If we trace the Fibonacci retracement tool, we have that the price retraced beyond the 78.6% level, and now it seems to want to close the body near the 61.8% zone,
This behavior indicates a normal retracement, which may be giving way to the search for -61.8%, which means entering the resistance zone left by the maximum reached in 2018.
Zcash’s all-time high is still pretty far from the current point, but that was a price hit by a kind of bubble that quickly burst. The really relevant resistance is the one around $ 479, from then on the ground is practically clear.
What do you think of this Zcash analysis and forecast? Could this cryptocurrency start generating more relevant profits in the near future? Let us know your opinion in the comments!
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