10 June 2023 : In this article we will walk you through Zcash price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Zcash, Is ZEC a good investment? Zcash support & resistance levels etc. But before diving deep into the ZEC technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,044,136,575,632. The total trading volume stands at $48,548,257,055. Bitcoin shares 47.7 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $25,676.63 level after a decline of -3.56%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -5.76 percent reaching to $1,743.38 during the previous 24 hours.
While publishing this blog, BNB traded at $235.69, following a price change of -10.29%within the same time frame. XRP the native coin of XRP is down by -7.73 and currently trading at $0.49. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Zcash (ZEC)
|ZEC Resistance Levels||ZEC Support Levels|
|Resistance Level 1||$54.20||Support Level 1||$48.26|
|Resistance Level 2||$56.80||Support Level 2||$44.92|
|Resistance Level 3||$60.14||Support Level 3||$42.32|
ZEC has recorded a downtrend, losing -18.66% in last 24 hours. The current value of Zcash is hovering at $23.67 with the trading volume of $49,550,003.00 USD in the same timeframe. The overall marketcap for ZEC is $386,505,856.00 USD while the coin price changes -26.34% over the week.
ZEC price analysis for 10 June 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Zcash.
|Simple Moving Average (10)||52.02||Sell|
|Exponential Moving Average (10)||52.18||Sell|
|Simple Moving Average (20)||53.75||Sell|
|Exponential Moving Average (20)||53.68||Sell|
|Simple Moving Average (50)||56.96||Sell|
|Exponential Moving Average (50)||56.80||Sell|
The ZEC/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While ZEC’s Williams %R indicator is at -48.623 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying near oversold phase while trading at 33 and is trying to break out of the bearish zone. The Zcash has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take ZEC price below the crucial support level of $48.26.
Zcash is now experiencing a significant bearish trend, this does not necessarily imply that the cryptocurrency is in any type of precarious situation that cannot be rectified. Even if the price is falling steadily, it is anticipated that the two support levels will serve as strong barriers and cause the trend line to rebound back into the positive zone.