Cryptocurrency Zcash or ZEC has had an overall bearish trend over the past 12 months, seen from the decrease in its price of 80.29%. Nevertheless, the market sentiment has been mostly positive since the beginning of 2023, leading to a gradual increase in its price. At present, buyers seem to be attempting to break the primary support of $38.903 but with limited success as of yet.
To analyse further, the Relative Strength Index (RSI) is decreasing in the overbought zone and may soon show a negative crossover indicating a continuation of the current bearish trend. While the MACD and signal lines are neutral, the trading volume has increased with a 7.72% rise in the last 24 hours.
Zcash price prediction is optimistic, suggesting an upward surge in the price if buyers manage to break the primary support level. If that happens, the ZEC token might experience a bull run as the market sentiment of ZEC is positive enough. While the resistance levels remain at $49.716 and $56.924 respectively, the support levels are set at $38.903 and $30.057. The break of the primary support would likely come with a greater volume as well, which is why buyers are suggested to keep an eye on the market conditions of ZEC.
Heidi Martin
- 2023-04-09
Zcash or ZEC Market Analysis & Price Prediction
Zcash (ZEC) has had an overall bearish trend over the past one year, seen from the decrease in its price. Nevertheless, market sentiment has been mostly positive since the start of 2023, leading to an increase in its price. Find out everything you need to know about the market analysis and price predictions for ZEC.
