Zcash News

Zcash Appears Flat Amidst Fine Uptrend Due to Intraday Setback

ZEC retains active support from daily MAs amidst the possibility of an intraday pullback

Zcash (ZEC), at the time of penning down this analysis, was trading at 52.81 against the US Dollar. However, if compared, the altcoin market is on a roar, and certain altcoins like Verge, Chainlink, Cardano, and VeChain have gained an amazing response from the potential networkers due to the current traction. However, Zcash seems to be calm at present as we do not see any steep gains in the ZEC’s price movement.

Having said that, the trend of Zcash is drawing a fine uptrend against the US Dollar yet; however, if emphasized on the month-to-date movement of the ZEC coin, we see that it is more or less flattened since the end of the previous month. The trading over the past three weeks has been confined to a range of $48-$56 until the time of writing. With a lack of momentum, $48 is serving as the major support and $56 as the major and immediate resistance for a bullish crossover.

Zcash News
ZEC/USD Chart By TradingView

On the daily chart, Zcash has already breached the trading price at which it was trading at the onset of the ongoing year and is thereby drawing a bullish crossover. However, due to intraday setbacks, ZEC coin appears bearish on the MACD chart. The uptrend drawn is in force after the market crash in March when the coin retested yearly lows.

The current lack of momentum is nothing but a lack of trading for a particular asset in general, which is even faced by the biggest currency by market cap, i.e., Bitcoin. If we look at the 20-day Bollinger Bands, we see that as per the current momentum, they are squeezing, and the trend is likely to hit the lower band due to intraday pullback. However, Zcash has retained support from the 50-day and 200-day daily MA at $48 and $43, respectively.

The RSI of the ZEC coin is at 55.08 and exhibits HODLIng opportunity for long-term investors and minimalistic risk-takers.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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