Zcash Price Analysis: Zcash (ZEC) Records 5% Downtrend in Less Than a Day; Falling Below $50

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ZEC Price Analysis – August 22

Zcash may go as low as $48 before climbing back up and it may record better growth in the next few months.

ZEC/USD Market

Key Levels:
Resistance levels: $65, $70, $75
Support levels: $35, $30, $25

ZECUSD – Daily Chart

Zcash token holders have had their ups and downs. After reaching $124 in the last 90 days, the coin has fallen sharply and is now trading below $50. However, traders anticipate the growth of this token in the next two months. The current market performance could very soon move in a positive direction.

Looking at the daily chart, the market is consolidating and the potential supports lies at $35, $30 and $25 levels. However, if the bull could step back into the market, a trend reversal may resurface and push it to the resistance levels at $65, $70 and $75. The Stochastic RSI has reached the highest condition. We may expect selling pressure once the indicator turns downward.

ZEC/BTC Market

Comparing with Bitcoin, Zcash performance has been very low due to a recurring bearish sentiment which has caused the market to fall drastically. In other words, the price actions remain choppy, trading sideways since August 10. The market is indecisive now but the traders have to be on the watch for the possible next direction.

ZECBTC – Daily Chart

For a positive upsurge, the 0.0060BTC and 0.0065BTC are the major resistance levels for the coin for now. Therefore, a negative spike could retest the important support at the 0.0035BTC and 0.0030BTC before a possible slip to 0.0025BTC. The Stochastic RSI is at the overbought zone, waiting for selling pressure when the indicator faces down.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.