- The price trend of Zcash against US Dollar reflects correction after a few days of stable movement
- Currently, ZEC coin holds moderate bearish pressure and might correct down to strong support around $35
Zcash Price Analysis
Zcash price trend has been marred by bearish pressure since mid of February after it hit a $75 price mark. At the starting of March, ZEC price was being traded at $52.11, and over a fortnight, it faced immense pressure, and the coin price slipped to as low as $16.86. However, after this tremendous fall, the currency managed to gather momentum and marked a strong recovery. On March 20, Zcash value touched a $40 price mark. Since then, it has been trading with a steady upside momentum with few setbacks. On April 29, it reached $52, but then it fell below $50.
Further, ZEC coin traded stably with moderate, gradual correction till May 8 as on the said date, it breached its key resistance $47, but then, again, it faced rejection and corrected down to $40.91 at the time of writing this analysis. The MACD indicator reflects that the MACD line is still below the signal line approving the declining momentum.
As per the current trend, Zcash may face a temporary price correction, which may pull the price down to the support near $35. The currency has been through a roller-coaster ride for the past few days. However, strong fundamentals are likely to come into play soon.