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Zcash Sheds 14% Last Week, But Analysis Reveals Buying Opportunity

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Zcash (ZEC) was treading a bearish route along with other altcoins, having shaved off as much as 14% in the past few days.

  • Zcash loses 14% last week but opens up an increased buying opportunity
  • Awesome Oscillators looks bullish
  • ZEC’s RSI at 42

On-chain metrics have shown a glimpse of a buying opportunity with a hint of a downtrend. Now, will the bulls pull it off and haul the price back to $66?

Zcash Fibonacci retracement levels have hovered up from $55 to $92.6, showing an 83.4% retracement level, which is close to the key support zone of $58. In June, the $55 to $58 zone emerged to be a bullish lane.

OBV Hints Increased Buying Volume

More so, the OBV is also seen to rise since July hinting at a more stable buying volume which is recognizably stronger compared to the selling pressure.

On the flip side, frequent retests of the support level seem to have weakened it. If the ZEC price dips below $58, then the coin could further slip to $55 and $52, triggering a new buying opportunity.

Still, the momentum is geared towards the sellers with the RSI unable to offshoot the 50 zones and stay above that level.

On a 2-hour chart, Zcash appears to have dampened its strength and has weakened as seen in the past couple of weeks. The $67.3 area was bearish as seen since August. More so, the same area has been retested twice.

At this point, the AO reveals a bullish divergence. So, as the price thrusts into the support zone, the momentum is perceived to switch.

ZEC’s price is currently heading above the consolidation period while enjoying the uptrend.

ZEC’s Price Spikes By 1.86%

According to CoinMarketCap, ZEC’s price has surged by 1.86% or trading at $58.25 as of press time. The total market capitalization slumped by 4.62%. More so, trading volume has dipped by 39. 53%, which shows that the buyers are trying to grow their ZEC holdings.

On the daily price chart, ZEC is seen to spike in price as it hovers near the upper trendline. In order to breach the support line, bulls must consolidate at ZEC.

On the other hand, bears can try to deter the coin’s uptick at any time with the constricted rate of accumulation.

If the bulls want to go in full force and avoid any deterrence from the bears, then they must accumulate.

Based on the daily chart, ZEC’s price is trying to maintain its momentum during the consolidation period. Technical indicators show the increased speed of ZEC’s upward trend.

ZEC’s RSI is currently 42 which is below neutral. The MACD seems to intersect with the signal lines which could signify changes in trends.

Crypto total market cap at $938 billion on the daily chart | Source: TradingView.com

Featured image from Tino Group, Chart: TradingView.com
(The analysis represents the author's personal views and should not be construed as investment advice).

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Post-Merge Threatens Ethereum (ETH) Price?

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Ethereum (Eth) Price Down By 8% Despite Merge Developments
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  • After Merge, Ethereum reached the $1,200 price range.
  • ETH decreased by over 7% in the last 7 days and 25% in the previous month.

Ethereum (ETH), which was anticipated to regain $2,000 levels following its Merge upgrade, was drifting to the $1,327 level. Additionally, ETH reached the $1,200 price range on Wednesday. The Merge was done on September 15 of this month, switched from a proof-of-stake (PoS) mechanism to Proof-of-Work (PoW) consensus to make Ethereum more energy-efficient.  

Unexpectedly, there is a major twist for everyone, the merge effects were turned down. Over the last ten days, Ethereum’s price fell dramatically on the market. Additionally, the Ethereum market cap has dropped significantly to over $162 billion, with a stable trading volume of roughly $18 billion over the past day, as per coinmarketcap.

Hurting Over Ethereum

The price range of Ethereum has recently outperformed Bitcoin (BTC) in the market by a wide margin. It is due to the anticipation and excitement around Ethereum’s Merge upgrade. Also, the price of ETH was in a bullish trend, the price range of $1,600 started rising steadily to the $1800 mark.

Within 24 hours of the Merge implementation, Ethereum’s price decreased by below $1,500. This unfavorable effect of the price decline became a notable disappointment for both the whole market and the users.

However, after reaching the closing price of $1,252 on Wednesday, Ethereum slightly increased in back-to-back periods. Less than 24 hours after trading at a low of $1,252, ETH increased to a high of $1,346 on Thursday.

Moreover, Ethereum’s price was down by over 7% in the last 7 days and more than 25% in the previous month. At the time of writing, ETH traded at $1,327, as per CoinMarketCap.

Ethereum (ETH) price chart (Source: Tradingview)

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Robert Kiyosaki Declares the End of Fake Money

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Robert Kiyosaki Recommends Investors To Turn On Bitcoin
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