Zcash Price Analysis: How Long Will ZEC/BTC Continue To Decrease?

At the time of writing, ZEC was trading slightly below ₿0.0050. How long will it continue to decrease? In order to find out the answer, keep reading below. For our previous analysis, click here. If you are interested in trading cryptocurrencies with a multiplier of up to 100x on our new partner exchange with the lowest fees, follow this link to get a free StormGain account! For those of you who would prefer a video analysis, click below:

Zcash Price: Trends and Highlights for August 9

• ZEC/BTC is trading at an all-time low.
• Moving averages show that the price is on a downtrend.
• A Fib target for a reversal is found at ₿0.0050.
• There is a short-term bullish divergence in the RSI & MACD.

All-Time Low

A look at the weekly time-frame shows that the ZEC price is trading at an all-time low. The price has been making new all-time lows since the beginning of 2019. The fact that there are no support areas left makes it hard to predict a bottom. Additionally, a look at the daily chart along with moving averages (MA) suggests that the price has been trending downwards for a while. The price is trading below both the long- and the short-term MAs (200-, 100-, 20- & 10-day). This is a sign that it is on a significant downtrend. Below, we will attempt to find a suitable target for the beginning of a reversal.

Zcash Targets

In order to do that, we are going to use a Fibonacci retracement tool in the previous upward move that transpired throughout May-June. The closest one is found at the 1.618 fib level at ₿0.0050. The next one is found at ₿0.0020. Next, we will take a look at the short-term to see if ZEC has any reversal patterns developing.

Signs of a Reversal?

A look at the six-hour time-frame does not reveal any trading patterns. However, it suggests that the price has been showing some signs of a reversal. On August 8, the price created a bullish hammer, before decreasing the next day. Additionally, a look at the RSI & MACD shows signs that Zcash may be developing bullish divergence. However, without a trading structure in place, we do not consider the initiation of a reversal likely at the current time.

Summary

The ZEC price has been trading at an all-time low. While it has been showing some signs of a reversal, we cannot state with confidence that it is likely to do so. Instead, it may continue decreasing. Do you think ZEC will initiate a reversal? Let us know in the comments below.

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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.  Images are courtesy of Shutterstock, Trading