1 ZCASH Price prediction (COINBASE: ZEC) shows that the price is in the consolidation phase and facing rejection upwards. 2 The ZCASH Coin price decreased by 3.55% over the past week. 3 At press time, ZCASH is trading at $30.20, and the 52-week price range is $21 – $51. Zcash is ...
- 1 ZCASH Price prediction (COINBASE: ZEC) shows that the price is in the consolidation phase and facing rejection upwards.
- 2 The ZCASH Coin price decreased by 3.55% over the past week.
- 3 At press time, ZCASH is trading at $30.20, and the 52-week price range is $21 – $51.
Zcash is a cryptocurrency that uses zero-knowledge proofs to conceal transaction information and safeguard user anonymity. It is a derivative of Bitcoin with higher speed and lower costs. It is fungible, meaning its coins are identical and do not reveal their past.
The maximum market cap of Zcash (ZEC) is $635,389,688, assuming all 21 Million ZEC tokens are available today. This is a hypothetical value called the fully diluted valuation (FDV). According to Coingecko, a crypto data and information website, the actual FDV might take several years to reach, depending on how ZEC tokens are issued.
Zcash crypto surged 1.04% in market value and surged by 19.42% in trading volume in the last 24 hours, per Coinmarketcap. Its market value is $493,094,207 and its trading volume is $16,747,355. There are 16,328,269 ZEC in circulation.
ZCASH Coin’s (ZEC) open interest is $16.24 Million. As per Coinglass, another crypto analysis website, it rose by 4.64% in the previous session. The long versus short ratio for 24 hours is 0.9881. The total number of short positions added in the last 24 hours is $6.112 against longs of $45.17.
Moreover, the ZCASH Coin has not shown good performance this month, as it is down by 0.49% and by 35.11% in the past six months. Also, the year-to-date return of ZEC price is negative with an 18.96% decline.
ZCASH Price Technical Analysis in 1-D Timeframe
The ZCASH Coin price (COINBASE: ZEC) broke out of a falling wedge pattern and rose sharply to around 24%, in a week, by July 1st. At the time of publishing, the ZEC price is trading at $30.17 and is in a consolidation phase for the last few days. This may indicate that the current market price level is a supply zone for the ZCASH Coin.
Therefore, if the ZCASH price sustains the CMP level, then it may go upwards and reach the targets of $34.27 and $37.50.
Alternatively, if the ZCASH price faces rejection from the CMP level and falls, then it may reach the nearest support levels of $28.35 and $25.99.
ZCASH crypto price (ZEC) is below the 20, 50, 100, and 200-day EMA’s (exponential moving average). The EMA is acting as resistance, pushing the price trend down. Therefore, the ZCASH price prediction suggests that the coin price could fall more over the one-day time frame.
The MACD line at 0.04 and the signal line at 0.25 are above the zero line and a bearish crossover is observed in the MACD oscillator. The current value of the RSI is 47.70 points, and the 14 SMA is at 51.93 points, the RSI line faced rejection and headed for the oversold zone. Hence, the ZCASH price prediction suggests the coin price is bearish.
Conclusion
The ZCASH Coin chart shows investors are bearish regarding the coin in the 1-D time frame. The price action reflects a bearish outlook at the time of publishing. Technical parameters of the ZCASH Coin price (COINBASE: ZEC) also support the bearish trend. The major indicators are giving negative signals and imply that the downtrend may continue. Hence, as per ZCASH Coin’s price prediction, the coin is bearish.
Technical Levels:
- Support levels: The nearest support levels are $28.35 and $25.99.
- Resistance levels: The nearest resistance levels are $34.27 and $37.50.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.