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Zcash is very similar to Bitcoin and Litecoin, but it offers users enhanced security, anonymity, and zero knowledge transfer facilities. At the beginning of 2022, ZEC was trading around $150 but has reduced its value, and now it is trading around $41, which suggests extreme bearish pressure in the market. The downtrend started in April 2022 and continued till June. After that, Zcash has been consolidating within a range.
At the time of writing this post, ZEC has been consolidating between $30 and $50. However, it forms a higher low, around $36, which suggests it will hit the level of $50 within a few weeks, and it is the right opportunity to invest for the short term. Read more about the Zcash predictions before investing, as the market is highly volatile right now.
The price of Zcash broke the support of $50 after the FTX liquidity crisis in November; it has not regained its level in the last two months. This higher low suggests an uptrend for the short term that may break $50, but we think it will face resistance around that level and again consolidate within the $30-$50 range.
Based on the technical indicators, today’s candlestick is forming above the baseline of the Bollinger Bands, with positive MACD and RSI suggesting short-term bullishness, at least for the next few weeks.
The weekly chart of ZEC has been forming a bottom around $37, with the bullish engulfing candle in the first week of January suggesting a reversal even for the long term. However, a single green weekly candle does not guarantee bullishness for the long term.
We have to wait until the level of $70; if Zcash trades above $70 decisively, we can predict long-term bullishness. On the technical side, MACD is bullish, but RSI is below 40, and candlesticks are still trading in the lower Bollinger Bands, which does not suggest a bullish momentum for the long term.
Overall, it is the right time to accumulate the ZEC coin for the long term or set a targeted price for the short term. Experts predict a volatile 2023 for crypto markets, and it will affect the price of ZEC, so you have to keep a close eye on the crypto portfolio and book profit at the right time to avoid volatility.