Bitcoin
BTC$47 909.19

1.25%

Ethereum
ETH$3 403.28

-0.03%

Cardano
ADA$2.35

0.60%

Binance Coin
BNB$407.56

0.47%

Tether
USDT$0.999719

-0.01%

Solana
SOL$169.00

15.95%

ZCash (ZEC): Sellers Are Pushing Back Amid the Uncertain Future


#Zcash

ZCash (ZEC) finds itself in a tough situation after the cryptocurrency market had snapped in the first days of September and turned what appeared as a common retracement into a full-blown correction.

ZEC’s YTD chart

ZEC had been doing great after the infamous meltdown in March, going to the upside in the tight but predictable channel until it met the resistance at $60, which had been conquered decisively at the re-test. Upon that, ZEC went on its second big bull rally of the year, which also turned sour for the privacy coin as it capitulated and went down by 51.5% in a span of 49 days since the beginning of the fall season.

Obviously, such an intense bearish pressure sent the uptrend structure tumbling as the price had failed to establish a new higher low and dropped to $52. ZEC has so far made two attempts to recover from such a blow, but both of them were brought to a halt near $65, though the occurrences in the past two weeks give us reason to believe a deeper correction may not be at play here.

ZCash remains range-bound with some bullish prospects


At the end of the week, the privacy coin is priced at $63.7, having made a very moderate 2% gain to the upside in the past 24 hours, thus making it the most bullish day of the week as ZEC managed to get only 1.41% extra during the previous days. Understandably, its performance over the course of the month was also underwhelming:

The events of the last five weeks postponed ZEC’s presumed break of macro resistance to the upside, which was tested unsuccessfully at the end of the bull rally. Nevertheless, even such a brutal 51.5% rejection didn’t force ZCash out of the established rising channel as the price found support at $55, the horizontal support that converges with the support line of the channel and represents the potential bottom of the correction.

1-week ZEC/USDT chart

Should the bullish agenda remain relevant, ZCash is likely to have another go at macro resistance, meeting it at $88,6 this time. But prior to that, the price would have to deal with a firm multi-month resistance at $74.68 that seems to be the borderline between the bullish and bearish zones. If the breakout does happen, the price will experience a bullish impulse and establish the new higher high either at $114 or near $130, depending on the intensity of the bullish push.

At the same time, MACD suggests that the bearish momentum is far from being exhausted, which means that one shouldn’t disregard the bearish scenario, according to which ZCash will break the support at $55 to the downside that would entail a short drop to $46.85, or a deeper one to $38.21, ultimately dragging ZEC back to the March price levels. However, it is most likely that ZCash will stay bound to the range between $55.2 - $74.7 until the end of the month.

Author: Alex Paulson for Crypto-Rating.com

Related

ZCash (ZEC) Continues Going Through the Pullback
ZCash (ZEC) Continues Going Through the Pullback
Zcash (ZEC) Remains Moderately Bullish
Zcash (ZEC) Remains Moderately Bullish
ZCash (ZEC) Lacks Vitality to Break the Resistance
ZCash (ZEC) Lacks Vitality to Break the Resistance
ZCash - Gearing Up for New Price Heights
ZCash - Gearing Up for New Price Heights
ZCash: Far Away from Downtrend Reversal
ZCash: Far Away from Downtrend Reversal
ZCash (ZEC): Recent Gains Are in Danger
ZCash (ZEC): Recent Gains Are in Danger
ZCash Price Prediction: Surviving a pullback
ZCash Price Prediction: Surviving a pullback
Zcash (ZEC) Price Prediction for 2020
Zcash (ZEC) Price Prediction for 2020
Zcash Price Forecast
Zcash Price Forecast

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 18 $47 909.19 1.25% 6.49% $901 641 061 708 $28 050 036 805
2 Ethereum (ETH) ETH Ethereum predictions 74% 50 $3 403.28 -0.03% 4.43% $400 159 822 847 $15 622 649 240
3 Cardano (ADA) ADA Cardano predictions 70% 67 $2.35 0.60% -7.85% $75 357 799 161 $2 088 968 420
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $407.56 0.47% 1.25% $68 526 382 470 $1 286 561 409
5 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999719 -0.01% -0.08% $68 273 294 138 $59 325 016 988
6 Solana (SOL) SOL Solana predictions 56% 90 $169.00 15.95% -4.00% $50 188 146 941 $5 525 090 300
7 XRP (XRP) XRP XRP predictions 69.2% 60 $1.069665 -0.34% 0.13% $49 870 165 652 $2 257 392 576
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 81 $33.88 2.15% 6.78% $33 459 890 032 $1 816 386 745
9 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 75 $0.239076 -0.82% -0.97% $31 399 746 530 $979 904 892
10 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $0.999641 -0.02% -0.06% $29 376 366 391 $2 105 784 383
11 UniSwap (UNI) UNI UniSwap predictions 68.4% 63 $24.35 0.43% 8.39% $14 893 602 037 $286 321 085
12 Avalanche (AVAX) AVAX Avalanche predictions 68.4% 69 $67.04 -5.17% 18.67% $14 768 791 649 $1 846 054 630
13 Terra (LUNA) LUNA Terra predictions 66.4% 64 $34.44 -1.18% -11.44% $13 834 117 320 $717 648 404
14 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $0.999598 -0.01% -0.06% $12 808 404 518 $4 836 734 186
15 Chainlink (LINK) LINK Chainlink predictions 73.6% 52 $27.94 0.69% 4.33% $12 672 882 341 $1 023 457 767

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.