ZCASH 2023: Can ZEC Show Boost Upward Despite Bearish Trend?

By admin On Окт 19, 2023

1 The ZCASH coin’s price decreased by 1.99% over the last week and is trading below major EMAs.
2 The price of the ZEC coin is trading at $24.84 and the 52-week trading range is between $21 – $51.

ZEC coin is a cryptocurrency that aims to provide privacy and anonymity for its users. It uses a technology called zk-SNARKs, which lets transactions be confirmed without exposing any private information. The coin is based on Bitcoin and has the same maximum number of coins: 21 Million.

If all the 21 million ZEC tokens that exist today were in the market, the total value of Zcash (ZEC) would be $519 Million. As per CoinGecko, which is a crypto data analysis website, this is a hypothetical scenario that shows the maximum potential market cap of Zcash.

The actual market cap may be lower, depending on how long it takes for all the ZEC tokens to be released into circulation.

ZEC crypto plummeted by 1.95% in market value and by 7.03% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data and info website. Its market value is $403,984,951 and its trading volume is $36,765,403. There are 16,328,269 ZEC in circulation.

Zcash (ZEC) open interest is $11.73 Million, as per Coinglass, which is a crypto analysis website. It rose 0.92% in the previous session. The long versus short ratio for 24 hours is 0.9826. The total number of short positions added in the last 24 hours is zero against longs of $6,141.346.

ZEC Coin Price Technical Analysis in the 1-Day Timeframe

In the last month, ZEC price dropped by 3.06%, indicating a lack of demand and confidence from investors. The situation is even worse when looking at the past six months, where the price plummeted by 34.53%, losing more than a third of its value.

Furthermore, the year-to-date return of the price is also negative, with a 33.62% decrease, showing that the ZEC coin has not been able to recover from the bearish trend that started earlier.

According to the technical analysis, ZEC price is facing downward pressure and may drop to new support levels at $22 and $20 unless it sustains the current level.

On the other hand, ZEC price has a chance to rise only if it manages to break the previous resistance levels of $26 and $28 and also if it can be stable and surpass the previous high.

Source: ZEC/USD.1D.BITFINEX by TradingView

At the time of publishing, Zcash (ZEC) is trading below the 20 and 50-day EMAs (exponential moving averages). The MACD line at 0.37 and the signal line at 0.71 are below the zero line; both lines cross each other showing a bearish crossover.

The current value of the RSI is 41.79 points and the 14-day SMA is below the median line at 44.35 points, and facing rejection from 14 SMA.

Conclusion

ZEC price action highlights a bearish view at the time of publishing. The technical parameters of the ZEC price show bearish traits, suggesting the continuation of the bearishness over the daily time frame chart. Moreover, the ZEC price highlights the bearish sentiments and perspectives of investors and traders regarding the coin in the daily time frame.

Technical Levels

Support levels: $22 and $20
Resistance levels: $26 and $28

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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