Zcash (ZEC) Takes a 29% Hit: Is a Deeper Correction Coming, or Will the Bulls Step In?
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- After a 29% drop, Zcash is now trading at $480.
- ZEC’s trading volume has surged by over 142%.
The repeated bearish waves within the crypto market caused the digital assets to lose momentum back-to-back. The majority of the assets are trapped in the red zone, unable to escape. The broader crypto market sentiment is fear, with the Fear and Greed Index value at 31. Among the altcoins, Zcash (ZEC) has emerged as one of the trending coins, posting a steep 29.21% drop.
In the early hours, ZEC was trading at a high of $679.47, and with the sturdy bearish encounter, the price has fallen to a bottom level of $477.53. If the ongoing downtrend strengthens, the bears would take the price to its previous lows. As per the CMC data, Zcash is currently trading at around the $480.76 mark.
Meanwhile, ZEC’s market cap is settled at $7.88 billion, with the daily trading volume of the asset having skyrocketed by over 142%, likely reaching the $5.04 billion zone. The Coinglass data has reported that the market has witnessed an event of liquidation of $31.18 million worth of Zcash in the last 24 hours.
Is Further Downside Ahead for Zcash Price?
With the negative outlook, the Zcash price could fall to its crucial support at the $478 range. A potential downside correction might trigger the emergence of a death cross and may likely drive the price to $476 or even lower. On the upside, if a reversal occurs, the asset’s price might rise and test the nearest resistance at $482. Upon the bullish pressure gaining more strength, it initiates the golden cross to unfold, taking the Zcash price above $484.
Moreover, the Moving Average Convergence Divergence (MACD) line of Zcash is found below the signal line, which indicates bearish momentum. The price may continue to drop, giving a sign of a potential downtrend. ZEC’s Chaikin Money Flow (CMF) indicator at -0.04 suggests slight selling pressure in the market. Notably, the capital is flowing out of the asset, not very strongly. A deeper negative value would confirm a stronger bearish momentum.
In addition, Zcash’s daily Relative Strength Index (RSI) of 42.62 hints at its neutral to slightly bearish zone. The price may either stabilise or decline further if buying pressure does not increase. The Bull Bear Power (BBP) reading of -108.12 reflects strong bearish dominance in the ZEC market. The market sentiment remains bearish, driving prices lower, and additional declines may follow unless buyers regain control.
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Zcash (ZEC) Under Pressure: Will It Lose the $240 Support?
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Zcash (ZEC) Takes a 29% Hit: Is a Deeper Correction Coming, or Will the Bulls Step In?
Share:
- After a 29% drop, Zcash is now trading at $480.
- ZEC’s trading volume has surged by over 142%.
The repeated bearish waves within the crypto market caused the digital assets to lose momentum back-to-back. The majority of the assets are trapped in the red zone, unable to escape. The broader crypto market sentiment is fear, with the Fear and Greed Index value at 31. Among the altcoins, Zcash (ZEC) has emerged as one of the trending coins, posting a steep 29.21% drop.
In the early hours, ZEC was trading at a high of $679.47, and with the sturdy bearish encounter, the price has fallen to a bottom level of $477.53. If the ongoing downtrend strengthens, the bears would take the price to its previous lows. As per the CMC data, Zcash is currently trading at around the $480.76 mark.
Meanwhile, ZEC’s market cap is settled at $7.88 billion, with the daily trading volume of the asset having skyrocketed by over 142%, likely reaching the $5.04 billion zone. The Coinglass data has reported that the market has witnessed an event of liquidation of $31.18 million worth of Zcash in the last 24 hours.
Is Further Downside Ahead for Zcash Price?
With the negative outlook, the Zcash price could fall to its crucial support at the $478 range. A potential downside correction might trigger the emergence of a death cross and may likely drive the price to $476 or even lower. On the upside, if a reversal occurs, the asset’s price might rise and test the nearest resistance at $482. Upon the bullish pressure gaining more strength, it initiates the golden cross to unfold, taking the Zcash price above $484.
Moreover, the Moving Average Convergence Divergence (MACD) line of Zcash is found below the signal line, which indicates bearish momentum. The price may continue to drop, giving a sign of a potential downtrend. ZEC’s Chaikin Money Flow (CMF) indicator at -0.04 suggests slight selling pressure in the market. Notably, the capital is flowing out of the asset, not very strongly. A deeper negative value would confirm a stronger bearish momentum.
In addition, Zcash’s daily Relative Strength Index (RSI) of 42.62 hints at its neutral to slightly bearish zone. The price may either stabilise or decline further if buying pressure does not increase. The Bull Bear Power (BBP) reading of -108.12 reflects strong bearish dominance in the ZEC market. The market sentiment remains bearish, driving prices lower, and additional declines may follow unless buyers regain control.
Top Updated Crypto News
32% Rally for Uniswap (UNI): Can the Momentum Keep Flowing for a Bigger Wave?
In This News
Coins
$ 0.0788
-1.32%$ 238.54
-2.32%$ 0.464
-4.19%$ 0.00...361
$ 0.0000824
Share:
In This News
Coins
$ 0.0788
-1.32%$ 238.54
-2.32%$ 0.464
-4.19%$ 0.00...361
$ 0.0000824
Share:
Read More
Zcash (ZEC) Under Pressure: Will It Lose the $240 Support?