Zcash Price Approaches Key Support Zone Amid Losses
- Price Fluctuation: Zcash is currently trading at $289, down 1.7% in the past 24 hours, with a weekly price range of $282 to $401, indicating a clear downward trend, having lost 21% in the last seven days and 43% over the past month, reflecting weakened market sentiment.
- Volume Decline: Zcash recorded $423 million in trading volume over the past 24 hours, a 15% decrease, while futures volume dropped 20% to $1.14 billion, although open interest slightly increased to $451 million, suggesting some traders are opting to hold positions rather than add new exposure.
- Governance Issues Impact: The entire core development team at Zcash resigned in January, including CEO Josh Swihart, due to disputes with the Bootstrap non-profit board over governance design and funding access, leading to increased uncertainty about future development and impacting investor confidence.
- Market Response and Outlook: Despite Zcash launching new advertising campaigns to raise brand awareness, the likelihood of price stabilization remains low unless overall market conditions improve; if it breaks below the $280 support level, it may face larger losses.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for ZEC
Technical Sentiment Analysis for Zcash (ZEC) As of , Zcash (ZEC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ZEC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ZEC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Zcash (ZEC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 25.176 | 104.873 | 182.216 | 261.913 | 339.256 | 418.953 | 496.296 |
| Fibonacci | 104.873 | 164.862 | 201.924 | 261.913 | 321.902 | 358.964 | 418.953 |
About ZEC
About the author
