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On June 27, theprice reached a low of ₿0.0082. It began to increase and reached a high of ₿0.01 on two separate occasions — on June 28 and July 2, respectively. Since then, it has been decreasing. On July 15, it briefly reached lows below ₿0.007.
Where is the ZEC price heading to next? Keep reading below in order to find out.
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A look at the weekly time-frame shows that the ZEC price has fallen to an all-time low price.
Between 2017 and the first half of 2018, the ZEC price did not fall below ₿0.02.
However, it did so in August 2018.
Since then it has been decreasing and has not yet reached a bottom.
Let’s take a closer look and see when and where that might occur.
A look at the daily time-frame shows that the ZEC price recently broke down from a significant support area.
The ZEC price created a horizontal support line near ₿0.0083, beginning on May 13.
However, it broke down from this support on July 9.
Afterward, it validated it as resistance on June 13 and 17.
Continuing with the same time-frame, we can see that both the RSI and the MACD have generated bullish divergences.
The divergences are extremely significant and are present in both indicators.
However, the Zcash price is not following any pattern — so there are no support lines present which can initiate an upward move.
Therefore, while the ZEC price has shown a willingness to go higher, we do not have signs of a clear bottom yet.
The lack of a bottom is accentuated since the ZEC price has not yet made a higher low.
In the short-term, however, the ZEC price has made a higher low and is possibly trading inside a symmetrical triangle.
However, the support line has only been touched twice — making it possible that the Zcash price will create a different trading pattern instead.
However, we can see that once the ZEC price reached values below ₿0.007, it immediately bounced back up.
This created a long lower wick, which is an indication that there is buying pressure on the market.
Therefore, we can consider the area between ₿0.0068-₿0.007 a support area.
If the ZEC price breaks down from the triangle, it is likely to provide support.
The Zcash price has recently fallen to an all-time low.
Momentum indicators show that it is getting ready to begin an upward move.
However, the lack of a distinct long-term trading pattern makes it difficult to predict the bottom.
The closest support area is found near ₿0.007.
When do you think the Zcash price will make a low? Let us know in the comments below.