ZEC Price Analysis – September 11
ZEC has traced a major bearish trend line; for now, its price hovers around $44.23 but yesterday, the coin fails to maintain stability above $47.03.
Supply levels: $52, $56, $60
Demand levels: $38, $34, $30
ZECUSD – Daily Chart
The traders are turning impatient due to the heavy fall in the Zcash price. Looking at the chart, we can see that the trading volume is decreasing and the coin moves under 21-day MA. If the ZEC/USD pair continues to remain under the control of bear, the price may get to the nearest demands at $38, $34 and $30 levels. It is important to note that the ZEC market remains on a long-term downtrend.
Moreover, a bullish control could bring the price back to critical supply at $52. Peradventure the buyers overcome this level, supplies of $56 and $60 may come into play in the long run. A surge of volatility is looming around the corner. The stochastic RSI faces downward, suggesting a further drop in the price of ZEC.
Against BTC, Zcash (ZEC) is still trading on the downside, although the price action has remained intact within the descending channel. If selling pressure persists, the ZEC price variation may likely create a new low in the coming weeks. For now, the stochastic RSI has tried to recover from the overbought; we may see a negative move in the market soon.
ZECBTC – Daily Chart
However, the coin is currently trading below the 21-day moving average at 0.0044BTC. We can expect close demand at the 0.0040BTC before breaking to 0.0037BTC and potentially 0.0035BTC levels. If a bullish move occurs and validates a break significantly above the channel; we can then confirm a bull-run for the market and the closest supply levels lie at 0.0049BTC, 0.0052BTC, and 0.0055BTC.
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Azeez M. Mustapha
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: [email protected]