Zcash (ZEC/USD) Price Seeks To Push for Upward Price
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Around mid-July, the Zcash market surged above the $30 price level and has maintained its position at this height since then. A consolidation trend ensued after the market surpassed the $30 level. Demonstrating the bulls’ competence, downward price swings below $30 have been minimized, while upward price movements have been more prevalent since mid-July. This crypto signal indicates that the market is likely to experience more bullish action in the near future.
Zcash Market Data
- ZEC/USD Price Now: $32.89
- ZEC/USD Market Cap: $76 million
- ZEC/USD Circulating Supply: 16 million
- ZEC/USD Total Supply: 16 million
- ZEC/USD CoinMarketCap Ranking: #115
Key Levels
- Resistance: $35.00, $40.00, and $45.00
- Support: $30.00, $25.00, and $20.00.
Zcash Market Through the Lens of Indicators
As the price consolidates after a significant surge, the Bollinger Bands reflect this dynamic. The lower band and the 20-day moving average have surged upward but are beginning to slow as the price action consolidates. Despite the upward movement of both the lower band and the 20-day moving average, the upper band appears to be tilting downward, indicating a potential convergence of the bands. This suggests an imminent significant price movement. The price action indicates that bulls are pushing for a breakout above the $33 resistance level. Currently, the pressure is on the bears, and a breakout here would likely attract more bullish sentiment. However, the volume indicator shows a decline in trading volume, suggesting that consolidation may occur around the $32 level.
ZEC/USD Price Prediction: 4-Hour Chart Analysis
From the perspective of the 4-hour chart, the market exhibits a consolidating trend, with the price hovering around the $32.5 level in recent sessions. Despite this consolidation, the shorter timeframe indicates a slight upward movement. The market may attempt to push towards the $35 level soon before potentially yielding to bearish pressure.
