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Zcash Sheds 14% THE OTHER DAY, But Analysis Reveals Buying Opportunity

Zcash (ZEC) was treading a bearish route and also other altcoins, having shaved off just as much as 14% previously couple of days.

  • Zcash loses 14% the other day but opens up an elevated buying opportunity
  • Awesome Oscillators looks bullish
  • ZECs RSI at 42

On-chain metrics show a glimpse of a buying opportunity with a hint of a downtrend. Now, will the bulls pull it off and haul the purchase price back again to $66?

Zcash Fibonacci retracement levels have hovered up from $55 to $92.6, showing an 83.4% retracement level, that is near to the key support zone of $58. In June, the $55 to $58 zone emerged to become a bullish lane.

OBV Hints Increased Buying Volume

Way more, the OBV can be seen to go up since July hinting at a far more stable buying volume that is recognizably stronger when compared to selling pressure.

On the other hand, frequent retests of the support level appear to have weakened it. If the ZEC price dips below $58, then your coin could further slip to $55 and $52, triggering a fresh buying opportunity.

Still, the momentum is intended for the sellers with the RSI struggling to offshoot the 50 zones and stay above that level.

On a 2-hour chart, Zcash seems to have dampened its strength and contains weakened as observed in the past little while. The $67.3 area was bearish as seen since August. Way more, exactly the same area has been retested twice.

At this stage, the AO reveals a bullish divergence. So, because the price thrusts in to the support zone, the momentum is perceived to change.

ZECs price happens to be heading above the consolidation period while enjoying the uptrend.

ZECs Price Spikes By 1.86%

In accordance with CoinMarketCap, ZECs price has surged by 1.86% or trading at $58.25 by press time. The full total market capitalization slumped by 4.62%. Way more, trading volume has dipped by 39. 53%, which ultimately shows that the buyers want to grow their ZEC holdings.

On the daily price chart, ZEC sometimes appears to spike in cost since it hovers close to the upper trendline. To be able to breach the support line, bulls must consolidate at ZEC.

However, bears can make an effort to deter the coins uptick anytime with the constricted rate of accumulation.

If the bulls desire to go completely force and prevent any deterrence from the bears, they must accumulate.

In line with the daily chart, ZECs price is wanting to keep its momentum through the consolidation period. Technical indicators show the increased speed of ZECs upward trend.

ZECs RSI happens to be 42 that is below neutral. The MACD appears to intersect with the signal lines that could signify changes in trends.

Crypto total market cap at $938 billion on the daily chart | Source: TradingView.com

Featured image from Tino Group, Chart: TradingView.com
(The analysis represents the author's personal views and really should not be construed as investment advice).

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