Zcash is a blockchain network that facilitates faster and safer transactions over the internet. It is designed with robust privacy features and ensures a high level of confidentiality in digital currency transactions. ZEC is the governance token of this ecosystem.
On March 18, 2021, ZEC opened at $144.66. As of March 24, 2021, ZEC closed at $127.67. Thus, in the past week, the ZEC price has declined by roughly 12%. In the last 24 hours, ZEC is trading between $116.16-$141.71.
Currently, ZEC is trading at $122.65. The price has dropped from the opening price of $127.67. Thus, the market looks bearish.
The A/D indicator is tapering downwards. Thus, whale distributions are higher than whale accumulations. Hence, due to high selling pressures, the ZEC price is likely to fall further.
The MACD and signal lines have turned negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect some price corrections to occur amidst an overall bearish trend.
Presently, the RSI is at 52%. It faced a bullish swing rejection at 44%. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising, if buying volumes eventually surpass selling volumes.
Currently, the price is below the Fibonacci pivot point of $128.51. As the bears are still strong, we can expect the price to fall below the first support level of $118.75. If the price downtrend continues, by the end of the day, the price may fall below the second support level of $112.72.
The price has tested and fallen below the 38.2% FIB retracement level of $125.92. It may soon test and fall below the 23.6% FIB retracement level of $122.19. If the price fails to retest and breakout of these levels by day end, then the price downswing will continue tomorrow as well.