Zcash has been dropping since March 2022 after reaching the resistance of $209, and the token is currently trailing at the price of $56.66. The coin has been moving in a parallel channel between the price range of $84 and $51 since mid-June and shows a consolidated momentum with small price movement.
The Zcash price has been moving below the downtrend line, creating lower lows as the price continues to fall from its highs. The ZEC price has recently been tested at the support line of $51, but the candles couldn’t close below it, and the price is revolving around. There have been favorable volume bars for the bears, but the ZEC price failed to reduce further.
The Zcash price has reached below its 52-week low of $51.99 and may turn around if the bulls push the price up. The token has even entered the oversold zone with the constant support of the bears, and the RSI can be seen around 37, showing neutral price action.
Like other cryptocurrencies that have been in an ongoing collapse, Zcash is also moving at its lows around the support zone, and once an uptrend happens, a significant price rise can be expected.
The MACD line has begun to move above the Signal line with the histogram showing green candles, indicating a bullish opportunity. Once the ZEC price closes above the last peak of $71, a buy trade can be expected.
On the weekly chart, bearish candles have constantly formed as the Zcash price continues to decline. However, the forming candle shows a turnaround of the token from its lows. The previous week’s candle has shown a huge downfall. There has been a bullish divergence between the price and the MACD indicator, and if there are positive sentiments, a bullish momentum can be expected in the long run.
