Zcash was constantly falling and was forming strong bearish candles until the July mid, after which the bulls tried to push the price up from the support zone. The previous week’s candle of ZEC moved around decently, but the price couldn’t close above the last high of $69.73.
Once the forming candles suppress the trend line and the Zcash price closes above it, a bullish momentum can be expected. The ZEC indicators on the weekly chart are neutral as there has been minor price movement.
Zcash reaches its lower lows as the price drops from its highs and revolves at the support zone. The ZEC token takes the support of the up-trend line and tries to move upside; however, there have been remote price movements. The coin recently formed a higher peak at $82, but the forming candles couldn’t close above it, and the price dropped back, currently moving at $62.72.
The Zcash price is moving below the downtrend line, and once the price suppresses the trend line and close above the high of $82, an uptrend momentum can be expected. The volume bar moving below average shows that neither the bulls nor the bears are showing positive interest, and remote price movement indicates indecision in the market.
The price of ZEC recently entered the overbought zone as the bulls were pushing the price upside. However, as the price couldn’t ascend further, the RSI indicator dropped and the RSI being 46 currently shows sideways movement. The indicator line tilting downwards hints the price may move towards the lows.
The MACD line and the Signal Line intersect each other, and the histogram chart, showing diminishing red candles, signals a neutral price movement of Zcash in the upcoming days.
