Zcash Sheds 14% Last Week, But Analysis Reveals Buying Opportunity

Zcash (ZEC) was treading a bearish way on with different altcoins, having shaved disconnected arsenic overmuch arsenic 14% successful the past fewer days.

• Zcash loses 14% past week but opens up an accrued buying opportunity
• Awesome Oscillators looks bullish
• ZEC’s RSI astatine 42

On-chain metrics person shown a glimpse of a buying accidental with a hint of a downtrend. Now, volition the bulls propulsion it disconnected and haul the terms backmost to $66?

Zcash Fibonacci retracement levels person hovered up from $55 to $92.6, showing an 83.4% retracement level, which is adjacent to the cardinal enactment portion of $58. In June, the $55 to $58 portion emerged to beryllium a bullish lane.

OBV Hints Increased Buying Volume

More so, the OBV is besides seen to emergence since July hinting astatine a much unchangeable buying measurement which is recognizably stronger compared to the selling pressure.

On the flip side, predominant retests of the enactment level look to person weakened it. If the ZEC terms dips beneath $58, past the coin could further gaffe to $55 and $52, triggering a caller buying opportunity.

Still, the momentum is geared towards the sellers with the RSI incapable to offshoot the 50 zones and enactment supra that level.

On a 2-hour chart, Zcash appears to person dampened its spot and has weakened arsenic seen successful the past mates of weeks. The $67.3 country was bearish arsenic seen since August. More so, the aforesaid country has been retested twice.

At this point, the AO reveals a bullish divergence. So, arsenic the terms thrusts into the enactment zone, the momentum is perceived to switch.

ZEC’s terms is presently heading supra the consolidation play portion enjoying the uptrend.

ZEC’s Price Spikes By 1.86%

According to CoinMarketCap, ZEC’s terms has surged by 1.86% oregon trading astatine $58.25 arsenic of property time. The full marketplace capitalization slumped by 4.62%. More so, trading measurement has dipped by 39. 53%, which shows that the buyers are trying to turn their ZEC holdings.

On the regular terms chart, ZEC is seen to spike successful terms arsenic it hovers adjacent the precocious trendline. In bid to breach the enactment line, bulls indispensable consolidate astatine ZEC.

On the different hand, bears tin effort to deter the coin’s uptick astatine immoderate clip with the constricted complaint of accumulation.

If the bulls privation to spell successful afloat unit and debar immoderate deterrence from the bears, past they indispensable accumulate.

Based connected the regular chart, ZEC’s terms is trying to support its momentum during the consolidation period. Technical indicators amusement the accrued velocity of ZEC’s upward trend.

ZEC’s RSI is presently 42 which is beneath neutral. The MACD seems to intersect with the awesome lines which could signify changes successful trends.

Crypto full marketplace headdress astatine $938 cardinal connected the regular illustration | Source: TradingView.com Featured representation from Tino Group, Chart: TradingView.com (The investigation represents the author's idiosyncratic views and should not beryllium construed arsenic concern advice).