- The ZEC price closed the previous day’s trade at INR 8,698.9 with a market capitalization of INR 119,140,730,261 and a circulating supply of 14,392,912.50 ZEC
- The asset is swinging within a predetermined descending pattern and hence even if it makes a larger move, may scramble down to the support levels
Price Comparison Table
|Crypto-Asset||Start-Month Price (April)||Mid-Month Price (April)||End-Month Price (April)||% Change|
|Zcash(ZEC)||INR 14,144||INR 11,180.4||INR INR 8,703.7||-38.46|
* As of 16-May-2022
Zcash (ZEC) Technical Analysis at a Glance
The Zcash price has managed to flip from the bottoms close to INR 6000 and hit the 2022 highs above INR 16,000. The price again dropped to the same support levels and underwent a significant flip, heading towards INR 10,000. However, it is yet to achieve the minimum levels around INR 9000 required to maintain a strong uptrend ahead.
If the market sentiments go in favor of the crypto, then a subsequent jump may compel the price to reach beyond the 5-digit figure initially. And continue to surge until it reaches the 2022 highs in the upcoming months.
Check out the Latest Prices, Charts, and Data of ZEC/USDT.
|Short-Term (1hr)||The asset is swimming within a bullish range but with reduced volatility and hence it may continue with ascending consolidation|
|Mid-Term (4hr)||After flipping from the bottoms, the price has surged notably but could experience a pullback soon|
|Long-Term (D)||The ZEC price had eased the selling pressure to some extent but it may fall into the same bearish well soon|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1D / 1M)||Action (1D / 1M)|
|Relative Strength Index(RSI)||44.26 / 100||Sell / Overbought|
|MACD(12,26)||-905.64 / 2839||Sell / Buy|
|Average Directional Index(ADX)||38.12 / 20.27||Buy / Sell|
|Bull-Bear Power||326.21 / 693.51||Buy / Buy|
|Moving Average(MA)-50||INR 11,578.57||INR 9235.20||INR 2,217.44|
|Moving Average(MA)-200||INR 11,937.91||INR 2,308.8||INR 554.36|
|Resistance||INR 9739.04||INR 10,451.6||INR 14,090.87|
|Support||INR 8978.58||INR 6,917.22||INR 6963.98|
|Average True Range(ATR)||1122.11||2989.49||5328.79|
Due to the recent market movements, the ZEC price appears pretty bearish in all the time zones. However, considering the daily chart, some possibilities of a significant uptrend as the ADX is bullish, meaning the rally is strong. And hence the possibility of the asset reaching the immediate resistance beyond a 5-digit figure emerges.
Yet in the longer term, the asset is extremely bearish with most of the indicators pointing towards a deep plunge. Interestingly, the Bulls are predicted to be strong later as the selling pressure appears to have eased out. And this may be a prior indication of a strong breakout.
ZEC Price and Technical Analysis for May-July
- Zcash price from past a year is trading within a huge descending triangle with a couple of failed attempts of a breakout
- However, the price also rebounded each time at the same support levels including the most recent one
- The asset may continue to hover within the same pattern until it reaches its apex which is pretty far off from the current levels
- Yet, the price which has rebounded now may maintain a strong uptrend towards the upper resistance above INR 13,000, ranging by nearly 40% until the mid of June
- Here, the possibilities of a pullback below INR 9000 by June end and igniting an uptrend further beyond INR 11,000 by end of July
Additional Read: AXS Price Prediction
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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