zcash price Analysis has a bearish outlook today. The price has established a confirmed resistance level in the last 48 hours, failing to break out of $64.5, which he has tried twice. Additionally, Zcash recently found support at $62.15.
The crypto heatmap also shows the market to be mostly bearish. ethereum Getting stronger. Ethereum price is up 2.36% over the last 24 hours, showing excellent stability.
Zcash 24-hour Price Movement: Horizontal Stacking
The hourly chart shows that Zcash has recently found support at $62.15. However, the resistance near $64.5 is huge. Breaking it requires bullish momentum against the current market trend. Of course, that seems unlikely.
The RSI on the hourly chart looks very balanced and most recently a crossover was observed with the MACD indicator. But bears are slowly taking over. Zcash is expected to consolidate sideways for several hours before falling.
Overall, Zcash price is down 0.74%. Market capitalization also fell by 0.69% and is now at $958,836,490. Volumes are also down 11.7% and are not looking any brighter. All indicate that Zcash price analysis is mostly bearish today.
4 Hour Zcash Price Analysis: Are You Ready for More Drops?
The 4-hour Zcash price analysis shows that the market is poised to drop further.The MACD line has just crossed and the intensity of the histogram has decreased. This is a clear indication that bearish momentum is building. Therefore, the price of Zcash is likely to fall further.
However, it could bounce back again soon once it reaches the previous support level of $62.15. However, depending on the strength of the bearish momentum, it may drop and establish a new support line.
Overall, today’s market looks less positive for Zcash. In fact, there seems to be no positive price movement across the crypto market. That’s exactly the hallmark of a bear market. But Zcash may not have bottomed out yet. It depends a lot on the overall sentiment of the market.
Zcash Price Analysis: Conclusion
Zcash follows the larger bearish sentiment of the crypto market today. Two small gains were seen as soon as the key support level around $62 was reached. Therefore, the support near this mark is strong and Zcash could consolidate sideways in the next few hours. Due to market uncertainty, short-term traders may want to stay out for now.
While you wait for the Zcash market to change in a more predictable direction, consider learning all about: cryptocurrency investment.
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