Zcash, one of the top 40 coins of the global cryptocurrency market, is shilled by many networkers even though the current YTD movement of ZEC/USD is drawing rejecting candle formation on the daily chart. However, the coin holds tremendous potential to reach new highs over the upcoming years. It can also accumulate as much as Bitcoin has accumulated and strengthened over the past 5-7 years.
As we stand on the day of New Year’s Eve, we cannot undo the fact that ZEC has grown from the YTD bottom of $16.7 that it hit in March to hit a YTD high above $100 at $103.9. Here, Zcash clearly strengthened by over 500% and even 520% in just five months from March to August.
However, the bearish and sluggish trend took over after a steep correction reflected at the beginning of September, and before the coin strengthened in the last week, it dipped to a 7-month low of $46 on December 23, 2020.
Zcash Shows Intraday Bearish Pullback
At the press time, Zcash’s price was seen drawing intraday bearish pullback and is currently trading below $65 at $63.04 with a string inclination towards the lower Bollinger Band. But as the coin strengthens from the 7-month low in the earlier week, it is still away from breaching the lower BB. However, the coin retains no support from 50-day and 200-day daily MA as the bearishness still prevails due to an explicit rejection above $75. As per Zcash price prediction, it is a good time to plan long-term investments in the token and save for future benefits. There is not much hope from the coin in the short-term as the crypto market continues to be volatile.
The daily MACD draws a bearish crossover, and the RSI of Zcash rises marginally from the oversold region after intraday positive correction but is away from hitting the overbought region, lies at 43.80.
