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- 1 Zcash price prediction showcases the consolidation phase of ZEC crypto over the daily time frame chart.
- 2 ZEC crypto is trying to sustain at 20-EMA to surge above 50, 100, and 200-day daily moving averages.
- 3 Zcash cryptocurrency has slumped around 32.63% year to date.
Zcash price prediction indicates that it is currently in a consolidation phase, and analysts believe it could experience a breakout. To achieve this breakout, ZEC crypto must make a significant upward move toward the upper trendline within the consolidation phase. Nevertheless, it’s worth noting that sellers have been consistently betting against the ZEC cryptocurrency market by shorting it.
Zcash’s price started at $25.18 and increased by 1.65% in market capitalization throughout the day’s trading session. However, the trading volume decreased by 3.39% during the intraday session. This indicates that there are still sellers in the market who are exerting downward pressure on ZEC cryptocurrency. The volume-to-market capitalization ratio stood at 9.53%.
Will Zcash Price Register Its Breakout?
The Zcash price prediction reveals that ZEC cryptocurrency has been moving sideways within a horizontal range on the daily chart. However, it’s important to note that the trading volume is currently lower than usual and should see an increase during the day’s trading session. ZEC crypto experienced a turbulent journey before entering the consolidation phase on the daily chart.
At present, Zcash cryptocurrency is making efforts to surpass its 20, 50, 100, and 200-day daily moving averages. Over the course of a week, ZEC crypto has recorded a 2.44% gain, but it declined by 15.68% in the past month.
Furthermore, in the last three months, Zcash cryptocurrency has risen by approximately 2.98%, while it fell by 25.25% in the past six months. Additionally, year-to-date, ZEC crypto has experienced a significant decline of around 32.36%. These statistics confirm that 2023 has not been a particularly favorable year for Zcash cryptocurrency.
Technical indicators suggest the upside trend of Zcash crypto inside the consolidation phase. Relative strength index (RSI) and moving average convergence divergence (MACD) highlight the rise in momentum.
RSI was at 47 and is heading towards neutrality for a breakout. The MACD line is above the signal line after a positive crossover. Investors in Zcash cryptocurrency need to wait until the ZEC crypto sustains at the upper threshold.
Summary
Zcash price prediction indicates that it is currently in a consolidation phase, and analysts believe it could potentially experience a breakout. However, it’s important to note that the trading volume is currently lower than usual and should see an increase during the day’s trading session. Additionally, year-to-date, ZEC crypto has experienced a significant decline of around 32.36%. Technical indicators suggest the upside trend of Zcash crypto inside the consolidation phase.
Technical Levels
- Support Levels: $24.53 and $23.87
- Resistance Levels: $25.72 and $26.52
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.