Key takeaways
ZCash is among the worst performers among the many prime 30 cryptocurrencies by market cap, down 3.5% within the final 24 hours.
The coin might rally greater within the close to time period amid demand for privacy-focused cryptocurrencies.
ZEC slips as broader market recovers
ZEC, the native coin of the Zcash ecosystem, is down by 3.5% within the final 24 hours, making it one of many worst performers among the many prime 30 cryptocurrencies by market cap.
It’s buying and selling at $241 per coin, down from the $257 recorded on Tuesday. The bearish efficiency comes amid a decline in Zcash’s derivatives knowledge.
In accordance with CoinGlass, ZEC’s futures’ Open Curiosity (OI) reads $438 million, down from the $473 million recorded on Tuesday, reflecting the decreased notional worth of open contracts. Sometimes, an OI decline throughout a dip in spot value reaffirms the bearish narrative as merchants anticipate additional restoration.
Technical outlook: Will Zcash value get better above $250 quickly?
The ZEC/USD 4-hour chart is bullish however inefficient as Zcash’s value confronted rejection above the $250 psychological stage.
It’s presently buying and selling under its 50-day EMA of $248c, suggesting that the bulls didn’t reap the benefits of the current rally.
Regardless of that, the near-term bias is cautiously bullish as ZEC holds above the current lows, whereas remaining capped beneath the long-standing descending resistance line.
If the bulls regain management and ZEC’s each day candle closes above $250, it will affirm the upside breakout and open the trail towards the 200-day EMA at $274, adopted by the 23.6% Fibonacci retracement stage at $362.
The Transferring Common Convergence Divergence (MACD) line has turned greater above the sign line and moved again into constructive territory on the 4-hour chart, suggesting strengthening upside strain.
The Relative Energy Index (RSI) at 61 reinforces the restoration of bullish momentum with out signaling overbought circumstances.
On the draw back, if the rejection candle holds, ZEC might drop in direction of the 38.2% Fibonacci retracement stage at $231, adopted by the rising trendline close to the $200 psychological help stage.
