- The ZEC price closed the previous day’s trade at INR 12,300.80 with a market capitalization of INR 229 Cr and a circulating supply of 1,42,44,337.50 ZEC
- The asset continues with a deep bearish trend ay slides by another 20% to test INR 9000 very soon
Zcash (ZEC) Technical – Analysis for the Month
The asset continued the previous month’s descending trend and smashed the rock-bottom levels below INR 10,000. However, with a rebound, the price rose above INR 12,800 but faced an acute rejection here. Currently, the price is utilizing all its resources to sustain above INR 11,000.
The end of the monthly trade is around the corner and hence no sudden change in the price trend may be expected. However, the price may maintain the INR 10,000 support levels and eventually aim at a rebound.
Zcash (ZEC) Technical Analysis at a Glance
The start of March trade, until the last few days of the month, was pretty bullish. But at the start of the current month’s trade, the asset fell into a deep bearish well. No doubt the price is attempting to flip the bearish trend, but eventually fails each time. Therefore, in the upcoming days, the ZEC price may eventually flip but only with a significant influx of volume.
|Short-Term||ZEC price may continue to plunge until the market sentiments change a little|
|Mid-Term||After a slight pause from the descending trend, the asset may ignite a fresh plunge very soon|
|Long-Term||The Zcash price is trying hard to flip the bearish trend, but eventually may fail to do so|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||34.04 / 46.90||Sell / Neutral|
|MACD(12,26)||-155.36 / -63.23||Sell / Sell|
|Average Directional Index(ADX)||41.43 / 27.67||Sell / Buy|
|Bull-Bear Power||-793.04 / 169.20||Sell / Buy|
|Moving Average(MA)-50||INR 12,741.19||INR 12,947.39|
|Moving Average(MA)-200||INR 12,499.79||INR 12070.20|
|Resistance||INR 12,225||INR 13,011|
|Support||INR 10,798||INR 9690|
|Average True Range(ATR)||192.46||1139.09|
Additional Read: Top NFT News Today
Considering the RSI and MACD, the asset appears to be within a huge bearish trap in both the time frames. However, the asset is less volatile which may enable the price to maintain a steady trend. And as the strength is also pretty weak no major flips or rebound may be in line for Zcash.
ZEC/INR Technical-Analysis for Short-Term
- The price since the beginning of the present monthly trade has maintained within a huge descending triangle
- After a couple of rejections from the pivotal levels between INR 12441 to INR 12,581, the price has maintained a significant descending trend
- The drop is expected to get accelerated with the price primed to hit the lower support at INR 10,033 but the probabilities of the price flipping before these levels are also high
- However, after a couple of ups and downs within the triangle, the price could break through the pattern to reach the immediate resistance close to INR 13,000.
ZEC/INR Technical Analysis for Long-Term
- The ZEC price in the long-term is also pretty bearish as the price is fast approaching the lower support
- The asset is about to complete the second shoulder of the ‘Head n Shoulder’ pattern and preparing for another deep dive towards the lower levels
- If in case the price holds strong at the support levels at around INR 10,300, then one can expect a significant flip
- On the contrary, a depleting trend may drag the price much lower, below INR 8000 or below
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