Zcash has developed on the Bitcoin codebase but offers enhanced security and privacy for the users. It is one of the leading privacy-centric cryptocurrencies that have great potential to provide a better return in the long term.
At the time of writing this post, Zcash is trading around $43.13, forming higher highs in the short term. In the first week of November, it broke the strong short-term support of $50 as soon as FTX announced the liquidity crisis on its platform.
However, on the daily chart, RSI and MACD suggest bullishness for the short term, and it may hit the level of $50 within a few weeks, so it is a good opportunity to buy for the short term with a target and trailing stop loss.
In July-October, it formed a triangle pattern, and it broke the pattern from its support in the first week of November, suggesting a bearish trend until it regained the previous support, which will work as resistance. However, if you are interested in investing for the long term, we have to analyze the weekly chart for more details.
In the weekly chart, it has formed two green candles, but overall, the chart is extremely bearish, trading in the lower Bollinger Band. The candlesticks have not crossed the baseline of the Bollinger Band in the last seven months, which suggests selling pressure.
The green candles suggest a short-term uptrend. Based on Zcash coin price prediction, if you are a long-term investor, it is time to wait for a better opportunity so that you can buy ZEC at a much lower price. RSI is below 40, and MACD is also neutral, which does not suggest positive sentiment in the market.
The market will be volatile in the next few months, so it is better not to accumulate more coins if you have already accumulated around $50. The long-term momentum is bearish, but you can find a short-term trading opportunity to invest with a target of $50. Please follow our website to get the latest update on Zcash.