Zcash's main aim is to protect the privacy and anonymity of its customers. Unlike, other cryptocurrencies, ZEC by default does not reveal transaction's sending and receiving addresses or the amount being sent. However, there is an option to reveal this data for auditing and regulatory compliance. The ZEC technical analysis is as follows:
On May 26, 2021, ZEC opened at $145.51. On June 1, 2021, ZEC closed at $154.18. Thus, in the past week, the ZEC price has increased by approximately 5.95%. In the last 24 hours, ZEC has traded between $148.40-$161.07.
Currently, ZEC is trading at $154.38. The price has decreased from the day’s opening price of $159.15. Thus, the selling pressure seems high in the market.
The MACD and signal lines are in the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may move sideways or decline further.
Currently, the RSI indicator is at 41.26%. It is constantly facing rejection at 44%. Thus, selling pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
In short, when we look at both the oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
Currently, the price is at the second Fibonacci pivot point of $154.14. If the bears remain strong till day end, then the price is likely to fall below the strong support level of $149.22. If the price breaks this level, it will highlight the next support level of $115.84.
The price has tested and fallen below the 38.2% FIB retracement level of $190.35. It may soon fall below the 23.6% FIB retracement level of $147.27. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.