ZEC Technical Analysis: Price Is at the Second Fibonacci Pivot Point of $146.80, Support Level of $144.80

Ankita  |  Oct 28, 2021

Zcash's main aim is to protect the privacy and anonymity of its users. Unlike other cryptocurrencies, ZEC by default does not reveal sending and receiving addresses of transactions or the amount being sent. However, there is an option to reveal this data for auditing and regulatory compliance. Let us look at the technical analysis of ZEC.

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.

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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.

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