In our new technical analysis, Zcash is a blockchain network that is both internet and mobile-friendly. It is fast, secure, and cost-efficient. It is an open-source protocol that can be spent, sent, and accessed easily. ZEC is the native currency of this ecosystem.
On March 29, 2021, ZEC started trading at $144.17. On April 4, 2021, the closing price of ZEC was $187.13. Thus, in the past week, the ZEC price has surged by roughly 30%. In the last 24 hours, ZEC has traded between $174.21-$195.
Currently, ZCASH is trading at $185.54. The price has dropped from the opening price of $187.13. Thus, the market looks bearish.
The A/D indicator has fallen steeply. Thus, selling pressures are higher than buying pressures. Hence, high distribution activity will exert downward pressure on the ZEC price. Thus, the price is likely to fall further.
The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative and we can expect the ZEC price to fall further.
The RSI indicator is currently at 37%. It faced rejection at 35% and rallied to the current level. As of now, selling pressures are high but buying pressures are slowly building. Thus, the price will continue to decline but may start rising in some time.
As per technical analysis, the price is soon likely to fall below the Fibonacci pivot point of $185.44. By day end, if the bears remain strong, we can expect the price to fall below the three support levels of $177.50, $172.60, and $164.66, respectively.
The price is soon likely to test and fall below the 50% FIB retracement level of $184.60. If the bearish trend continues to be strong, by day close, we can expect the ZEC price to fall below 138.2% FIB retracement level of $166.27. In that case, the bear-run will continue tomorrow as well.