On May 13, 2019, the Zcash price reached a low of ₿0.0079. An upward move ensued and on June 19, ZEC reached a high of ₿0.0125. However, it has been decreasing since then.
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.
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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.
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.
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.
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.
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
Images courtesy of Shutterstock, Trading View and Twitter.