Today, at the press time, Zcash was trading at $58.07, and just like any other altcoin of the market, ZEC coin faced a gradual drill down in the price from the yearly high marked slight above $100 at $102 in the initial week of the previous month.
However, along with Zcash, many altcoins have been exhibiting a similar kind of trend against the US Dollar. However, the past 5-day movement of ZEC/USD appears promising as the coin grew from the bottom of $50 to currently trading above $55, and with a continuous gain in momentum, it is likely to hit the immediate resistance at $60 soon.
Zcash Price Analysis
Zcash, on the daily chart, is seen slightly recovering from the daily bottom of $50, while currently trades at $58 and alongside retains slight support from 200-day MA at $54 but lacks support from 50-day MA at $68.96. However, if the currency continues to trade with a bullish momentum in the market in the short-term, it is likely to breach $60 at the onset of the next quarter.
In the previous week, ZEC price breached the lower Bollinger Band while trading at $50, but with a bearish momentum, it is now seen rising from the daily lows. The Bollinger Bands are seen squeezing, and that projects a breakout soon.
The MACD Chart also exhibits a slight bullish divergence. The RSI of Zcash is seen rising from the support area and is 46.44, away from the lower extremities.