Zcash is seen booking loss with intraday downward corrections and is currently trading around the major support area at $65. With four consecutive bearish candlewicks on the hourly chart, ZEC price nosedived from $77 to 65 in just one day; wherein many alts have lost a specific amount from the recent high. Zcash lost approximately 15% from the weekly high and followed the market sentiment as the largest cryptocurrency by market capitalization, Bitcoin pulled back to trade below $23k.
Tracking cues from the global market, the bearish sentiment splurged in as a new COVID variant found in the United Kingdom led to extending the lockdown there wherein the markets trembled in the second half yesterday, including the Asian stock market too.
Zcash Price Analysis
At the press time, Zcash was seen trading at $65.84 after a clear rejection from the weekly highs above $75 hit over the past two days. Many altcoins, including ZEC, have converted their 2-day gain into losses after dropping by over 10% and 15%.
Zcash price is also seen breaching the lower band, and with downward correction, it has already lost support from 50-day MA and holding slight support from 200-day MA at 54.40. In case of the extended red candle, the ZEC coin can test 200-day MA support shortly.
The intraday and cumulative market sentiment remain bearish due to apparent pullback in the price from the weekly highs and Zcash trading below $70. Alongside, if we emphasize on the volatility in the market that splurged from the 2nd week of the previous month, it is clear from ZEC’s price trend. After a gaining streak, Zcash was seen breaching 3-month resistance at $90, wherein it also breached the upper 20-day Bollinger Band that reflected a volatile movement thereafter in the near-term.