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Zcash Price Analysis – August 6
The Zcash price is facing a slight decline in the value of 1.85% after being rejected at a $69.51 resistance level.
ZEC/USD Market
Key Levels:
Resistance levels: $90, $100, $110
Support levels: $50, $40, $30
ZEC/USD is facing the south as the price failed to break above the resistance level of $70 using the 9-day moving average as support. Looking at the daily chart, Zcash (ZEC) shows that the price is moving sideways below the upper boundary of the channel, though the price made a good recovery in the last couple of days, it is likely to retreat a little bit before creating additional bullish movement.
Zcash Price Analysis: What is the Next Direction for Zcash?
The Zcash (ZEC) remains above the moving averages, should the buyers manage to power the market; they may likely find resistance at $90, $100, and $110 levels. Nevertheless, bulls seem to be re-testing the support level of $66 before rising again.
However, if the market experience more drops, it could hit the nearest support at $60, and a further drop could pull the market to $50, $40, and $30 respectively. The technical indicator Relative Strength Index (14) is crossing below the 60-level, suggesting more bearish signals in the nearest term.
ZEC/BTC Market: Remains at the Downside
Looking at the daily chart, ZEC/BTC is bearish. The price is beginning to form an upward trend on the chart as it heads toward the upper boundary of the channel. Moreover, Zcash bears may likely bring the price below the 9-day and 21-day moving averages, any further movement could take the coin to the support level of 2500 SAT and below.
Looking at the technical indicator Relative Strength Index (14) on the daily chart, it appears that bears are likely to put pressure on the bulls. However, if the bulls can regroup and push the price above the upper boundary of the channel, ZEC/BTC may begin an uptrend and push the price above the upper boundary of the channel and move towards the resistance level of 3500 SAT and above.
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