- Zcash (ZEC) is hovering near $230.
- The daily RSI falls in the neutral zone.
Zcash (ZEC) is currently trading at around the $230 range, followed by a 3.72% gain in value over the last 24 hours. It opened the day trading at a low range of $221.29, and with the bullish turn, the asset’s price has jumped to a high of $234.40. ZEC has likely broken a few resistance.
Moreover, the market cap has touched $3.81 billion, with the daily trading volume of Zcash having increased by over 12.49%, likely reaching the $409.65 million level, as per CoinMarketCap data.
The ZEC/USDT trading pair might turn bullish, and if succeeded, the price could mount to the crucial resistance at around $234.71. A stronger push on the upside triggers the golden cross to take place and send the price movement above the $238.59 range.
Assuming the Zcash momentum is slipping and entering the negative zone, the price might test the immediate support at $226.48. An extended bearish correction could initiate the emergence of the death cross, and the bears would drive the price below the $222 level.
Zcash Technical Outlook: What Are the Indicators Signalling?
The Moving Average Convergence Divergence (MACD) line and signal line are positioned below the zero line. The ZEC market is in a bearish zone, with the price trending down and staying weak. Unless these lines start moving up, it points to a downward drift.
Moreover, the Chaikin Money Flow (CMF) indicator of Zcash at -0.14 displays moderate selling pressure. Notably, the money is flowing out, and the sellers have a clear edge. Buying interest looks weak, with the price staying under pressure, and the market may lean even lower.
Zcash’s daily Relative Strength Index (RSI) of 49.70 falls in the neutral zone, with a mild bearish bias. Buyers and sellers are balanced, providing no clear direction. The market moves sideways, and a move above hints at buyers gaining strength, while a dip signals sellers starting to take over.
Furthermore, the Bull Bear Power (BBP) reading of 4.14 implies strong bullish pressure. It is pushing the price above its average with solid momentum. It is not extreme, but the strength is noticeable, and the market is pushing higher, unless sellers step in to slow it down.
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Source: https://thenewscrypto.com/zcash-zec-at-a-battle-zone-bounce-back-or-breakdown-ahead/
