Zcash Daily Analysis: Can ZEC Outrun the Bears?

As of writing, the great majority of technical indicators point to a poor week ahead for the privacy coin, with both the exponential and simple moving averages pointing to a strong sell. Since mid-November 2018, Zcash has been on a deeply negative trend, seeing its value plummet by more than 50 percent over just ten days — something ZEC has never recovered from. However, despite several short rallies since entering its now year-long crash, Zcash has consistently failed to retake previous highs, with no end to this trend in sight. Currently, Zcash faces a major resistance at the $69 and $88 levels and will require significant momentum to retake either of these price points.

The Sight That Didn’t Last

In what has been an almost perpetual decline for Zcash, there have been several attempted breakouts — but all have fallen flat and eventually relapsed back into the downtrend. However, since the week beginning February 07, Zcash began a slow, somewhat stunted recovery, climbing from its 2019 low of just over $46, back up to a more respectable $58 by February 24. Shortly after its impressive 25 percent growth, Zcash again faltered as it began to approach its previous peak, again indicating that the market is still in an overall bearish trend. Now, Zcash is currently trading at just under $53 — still more than 10 percent up since February 07, though it remains to be seen whether Zcash can continue its break to the upside or whether this rally will become yet another false recovery. In the last week alone, Zcash has experienced striking volatility, trading horizontally for the great majority of the week, before experiencing a swift pump and crash between February 23 and 24. All of this occurred amidst news that the Zcash company would be changing its name to the Electric Coin Company — a change which is symbolic, rather than due to a change in direction. Looking forwards, ZEC faces a strong sell wall at $69 and has again begun trading sideways, with the trend indicating it will likely break down to further loses within the next several days. What is your opinion on Zcash (ZEC)? How long will it be before the $69 resistance is broken down? Let us know your thoughts in the comments below!