ZEC Technical Analysis: Price Is at the Second Fibonacci Pivot Point of $146.80, Support Level of $144.80
Past Performance of Zcash
On October 21, 2021, ZEC opened at $149.51. On October 27, 2021, ZEC closed at $147.18. Thus, in the past week, the ZEC price has decreased by approximately 1.86%. Meanwhile, in the last 24 hours, ZEC has traded between $143.40-$162.07.
ZEC Technical Analysis
Currently, ZEC is trading at $146.38. The price has decreased from the day’s opening price. Thus, the selling pressure seems higher than the buying pressure 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 51.26%. It is constantly facing rejection at the 44% mark. 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.
Day-Ahead and Tomorrow
Currently, the ZEC price is at the second Fibonacci pivot point of $146.80. If the bears remain strong till day end, then the price is likely to fall below the support level of $144.80. Moreover, if the price breaks below $144.80, it will highlight the next support level of $126.11.
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 $140.27. 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.