Zcash Price Analysis – June 05
Sellers are facing the $109 psychological support level and aiming to hit the potential support levels at $52, and $73. At the upper side of the chart, the coin may face the resistance level at $192, $279, $318.
Resistance levels: $192, $279, $318
Support levels: $109, $52, $3
ZECUSD Long-term Trend: Ranging
The bulls were unable to break up the resistance level at $371. The bears took over the market at the just mentioned level with the formation of bearish candles. The price decreased and found support at $109 level on May 23. A daily pin bar candle formed which is an indication of bullish trend. The price increased but unable to break up the $192 level due to lose in bullish momentum. The bears could not break down the $109 level, this leads to price consolidation within $192 and $109 levels.
According to the above daily chart, technically Zcash is in the ranging mode. The price is trading over and around the 9 periods EMA and 21 periods EMA while the two EMAs are interlocked to each other as a sign of ranging market. Nevertheless, sellers are facing the $109 psychological support level and aiming to hit the potential support levels at $52, and $73. At the upper side of the chart, the coin may face the resistance level at $192, $279, $318.
ZECUSD Medium-term Trend: Ranging
On the 4-hour chart, the price increase was rejected at the resistance level of $318. It breaks down the $279 and $192 price level. The price tested $109 support level and bounced to retest the $192 level. The bulls lose their momentum, likewise the bears could not break down the support level of $109.
The indicator Relative Strength Index period 14 suggests that the market is moving up with the signal line pointing up at 40 levels.