On July 1, 2019, the Zcash price reached a high of ₿0.01. It reached the same level on July 3. A decrease began that is still ongoing. While the price initiated several upward moves, they proved to be futile. After creating a support area around ₿0.007 in the latter half of July, it broke down on July 28.
At the time of writing, it was decreasing rapidly.
Where will ZEC make a bottom? Continue reading if you want to find out.
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Zcash Price: Trends and Highlights for August 2
- ZEC/BTC is trading at an all-time low.
- There is support at ₿0.0054.
- Long-term bullish divergence has developed in the MACD & RSI.
A look at the weekly time-frame shows that the ZEC price is trading at an all-time low.
The logarithmic chart is used to better visualize large price fluctuations.
The price first made a new all-time low at the beginning of 2019.
It has been continuously making lower lows since.
The fact that there are no support areas left makes it hard to predict a bottom.
In order to try and predict where the bottom will be, we have used the Fibonacci retracement tool in the upward move beginning on May 12.
We can see that the Zcash price reacted nicely to the 1.278 fib level on July 15.
An unsuccessful upward move followed.
The next level of support can be found by the 1.618 fib level at ₿0.0054.
If the price gets there, we will gauge the market outlook and check for a possible reversal.
Now, let’s take a look at technical indicators to see if ZEC has begun to show signs of a reversal.
A look at the RSI and MACD gives our first bullish sentiment.
Both have been generating bullish divergence in time-frames up to three days.
The divergence is especially pronounced in the MACD.
However, the fact that the divergence is not occurring anywhere close to a support line or area reduces its significance.
Therefore, we believe it is likely that the price drops towards the support area outlined above.
Afterward, it is likely to begin an upward move.
Zcash Price Summary
ZEC has made an all-time low price and is not trading inside a pattern.
According to our analysis, it is likely to decrease until it reaches ₿0.005.
Afterward, a reversal looks likely.
Do you think ZEC will reach the support area? 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, TradingView.
Images courtesy of Shutterstock, Trading View and Twitter.