Zcash Plummets Gradually from 13-Month High; Trades Below $80
Zcash (ZEC), at the onset of the ongoing month, was seen trading slightly above $100 with a 13-month high around $102. While we near the closing of the same month, ZEC is drawing a bearish crossover even below $80 but holds steady support against the US Dollar.
One of the preferred investments amongst the top 30 cryptos of the global market is lacking a steady gush of momentum, at present, due to sluggish movement overall.
Zcash, at the time of penning down this analysis, was trading at $76.69 after a gradual dip below $100 over the past three weeks against the greenback. ZEC/USD price trend was likely to draw a parabolic curve, but the previous high at the onset of the year before the significant sell-off led to an interruption in the trend. It was during the major market crash in March that Zcash tested supports below $20 but has been strengthening thereafter.
With the current momentum, if ZEC/USD price plummets any further, it will breach the lower Bollinger Band and move to test supports around 50-day MA at $63, followed by $48. The Bollinger Bands do not hold any trading extremities, but the market sentiments appear bearish.
The MACD chart reflects the bearish crossover after the coin’s gradual pullback below $100. Similarly, the RSI of the ZEC coin is seen nosediving from the overbought region due to affected demand and currently lies at 52.05.