The cryptocurrency market is still in flux, with many coins down by double digits. ZCash has not been spared from the dip as the price hovers around $148 US dollars per coin.
ZEC/USD is another drop as the price hovers around $148. The cryptocurrency has been hovering in this range for a while now, but it seems like ZEC might finally be ready to break out of its current pattern.
Price of Zcash on March 12th
At the time of writing, the bears are attacking Zcash, which is causing the price to decline somewhat in its intraday movement.
Market for ZEC/USD
Levels of importance:
$185, $195, and $205 are the resistance levels.
Levels of support: $120, $110, and $100
Daily Chart of ZECUSD
As the market turns south, ZEC/USD is trending lower. However, after the coin changed and became green a few days ago, there has been a modest improvement, but the odds of earning a winning intraday closing are significantly lower. As a result, if the 9-day MA crosses below the 21-day MA, the coin is likely to make higher lows.
Zcash Price Analysis: ZEC Price Could Drop
For the time being, the Zcash price is changing hands at $148.58, with the coin facing down. If the price increases again and breaks above the channel’s upper barrier, the coin may continue to climb and set a new high. Meanwhile, the coin’s next resistance levels are $46, $50, and $52, but as the technical indicator Relative Strength Index (14) nosedives to the south, the coin may find support around $120, $110, and $100 by moving towards the 9-day and 21-day moving averages.
Market for ZEC/BTC: The Price of Zcash is Likely to Drop
In contrast to Bitcoin, Zcash is advancing towards the 9-day and 21-day moving averages, but with a bearish candle just emerging. If the bulls apply further pressure, the currency is likely to go over the top border of the channel. Meanwhile, inside the overbought range, the technical indicator Relative Strength Index (14) is expected to move sideways. As a result, additional probable declines might emerge, and the support level could be found around 3300 SAT or below.
Daily Chart for ZECBTC
If the Zcash crosses above the channel, it may be possible to achieve the 4500 SAT and higher resistance levels, but the bulls may need to build enough strength to drive the price to the north. Nonetheless, the trade volume has yet to emerge, but if the technical signal swings higher, it may begin to rise.
The “ltc investing” is a cryptocurrency that has been experiencing a drop in price. The ZEC/USD pair has dropped from $172 to $148, and the market cap has also dropped by over 10 billion dollars.
