ZEC/USD Marks Another Drop as Price Hovers Around $148 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Zcash Price Analysis – March 12
At the time of writing, the Zcash is being attacked by the bears as the price drops slightly with its intraday movement.
ZEC/USD Market
Key Levels:
Resistance levels: $185, $195, $205
Support levels: $120, $110, $100
ZEC/USD is moving downside as the market faces the south. However, a slight improvement has been felt as the coin changed and turned green a couple of days ago, but the chances of getting a profitable intraday closure are much lower. Therefore, the coin may likely visit the higher lows if the 9-day MA crosses below the 21-day MA.
Zcash Price Analysis: ZEC Price May Move Downside
As for now, the Zcash price is changing hands at $148.58 where it faces down. If the price rises again and break above the upper boundary of the channel, the coin may continue its upward movement to create a new high. Meanwhile, the nearest resistance levels the coin might likely reach are located at $46, $50, and $52 but moving towards the 9-day and 21-day moving averages may hit the support levels at $120, $110, and $100 as the technical indicator Relative Strength Index (14) nosedives to the south.
ZEC/BTC Market: Zcash Price is Likely Come Down
Against Bitcoin, the Zcash price is moving towards the 9-day and 21-day moving averages but with a bearish candle that is just coming up. The coin is likely to move above the upper boundary of the channel if the bulls put more pressure. Meanwhile, the technical indicator Relative Strength Index (14) is likely to move sideways within the overbought region. Therefore, more possible drops may surface, and the support level could be located at 3300 SAT and below.
However, if the Zcash makes a cross above the channel, it could reach the resistance level of 4500 SAT and above, but the bulls may have to gather enough momentum to be able to push the price to the north. Nevertheless, the trading volume is yet to surface but it may start rising once the technical indicator turns upward.
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