Zcash price analysis has a bearish outlook today. Its price tested the $64.5 mark twice in the last 48 hours but failed to break through, establishing a confirmed resistance level. Furthermore, Zcash found support at $62.15 just recently.
The crypto heat map also shows us that the market is mostly bearish. However, despite Bitcoin being lower by 0.25 percent, we can see that Ethereum is going strong. Ethereum’s price increased by 2.36% in the last 24 hours, showing great stability.
Zcash 24-hour price movement: Consolidating sideways
The hourly chart shows us that Zcash recently found support at $62.15. However, the resistance around the $64.5 mark is huge. Breaking that would require higher bullish momentum against the current market trend. Of course, that seems unlikely to happen.
The RSI on the hourly chart looks very balanced, and a crossover was observed on the MACD indicator very recently. However, the bears are slowly taking over. It is expected that Zcash will consolidate sideways for a few hours before falling lower.
Overall, the price of Zcash is down by 0.74 percent. A decrease of 0.69 percent is also observed in the market cap, which currently sits at $958,836,490. The trading volume does not paint a positive picture either, as it has decreased by 11.7 percent. All indicate that the Zcash price analysis is mostly bearish today.
4-hour Zcash price analysis: Gearing up to fall further?
The 4-hour Zcash price analysis shows that the market is just gearing to fall further. The MACD lines just crossed over, and the strength of the histograms is decreasing. This is a clear indicator that the bearish momentum is taking over; hence, Zcash’s price may fall further.
However, it may bounce back again as soon as it reaches the previous support level of $62.15. But depending on the strength of the bearish momentum, it might just break lower and establish a new support line.
Overall, the market does not look very positive for Zcash today. In fact, there seems to be no positive price movement in the entire crypto market. It’s just the hallmark of a bear market. But Zcash may not have bottomed out just yet. It heavily depends on the overall sentiments in the market.
Zcash price analysis: Conclusion
Zcash is following the bigger bearish sentiment of the crypto market today. We did observe small rallies upwards twice, as soon as it touched critical support levels around $62. Hence, support around this mark is strong, and Zcash might consolidate sideways for the next few hours. Due to the uncertainty in the market, short-term traders might want to stay out for now.
While you wait for the Zcash market to take a more predictable turn, consider learning everything about cryptocurrency investing.
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