- Zcash (ZCASH) price surged 3.04% on the past day and currently trading at $30.30
- Zcash (ZCASH) derivatives data states that a total of $27.66K OI has been created on the long side against $11.86K OI on the short side in the past 24 hours.
Zcash is a crypto that protects privacy and anonymity. It uses zk-SNARK technology that lets nodes verify transactions without exposing any details. Unlike most cryptos, like Bitcoin, that are pseudonymous and can be traced to users, Zcash transactions hide the addresses and amounts by default. Users can choose to reveal this data for audit or compliance reasons.
Zcash’s price is currently trading at $30.30 with an incline of 3.04% in the past 24 hours. According to coinmarketcap data, Zcash cryptocurrency holds a total market cap of $494.72 Million and ranks at 79th position in the crypto market. It has received a $21.2 Million volume in the past 24 hours which is 22.4% more than the previous day. Also, It has over 16.3 Million circulating supply which is 77.75% of the total supply. The volume to market cap ratio of ZCASH coin is 4.29% which indicates low volatility in the market.
Zcash Price Prediction Using Price Action Strategy
As per the price prediction of Zcash cryptocurrency in the weekly timeframe, It was observed that ZEC price surged by almost 50% after taking a rebound from the demand zone at $23.89 within a month and reached $34.36.
Thereafter, the price fell nearly 20% within 2 weeks. However, it is observed that the price retook support from $ 28.28 and headed upwards. either it will continue making higher highs and higher lows and continue its trend or it might fall by making a head and shoulder pattern which will break down the price.
Indicator Analysis
As Per the EMA analysis, ZEC's price had given a breakout of 20 and 50-day EMA but got a rejection from the 100 EMA. however, the price again seems to rebound from lower levels and heading upwards to test 100 EMA again.
At the time of publishing, the RSI value of Zcash is 52.58 and that of the SMA line is 53.93. RSI has corrected after getting rejected from the overbought region but bounced back from the mean level.
MACD lines have made a bearish crossover and currently and histogram bars are being formed below the mean but decreasing indicates selling pressure getting weaker and the price may bounce back.
Conclusion
Zcash (ZEC) coin price prediction concludes that the price seemed to be in a short-term correction phase and corrected by almost 20% after a hike in the price by 50% within a month. However, the ZEC price retook bounce from the demand zone at $28.15, heading upwards. however, Low volume in the market contradicts it. Now, if the price is able to sustain above the demand zone then the price will continue its upward journey. else, the price may form Head and shoulders and reverse.
Technical levels
- The support levels at $28.15 and $23.89
- The resistance levels at $34.27 and $38.71
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
