#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $ZEC
After a decline of 29%, Zcash is now trading at 480 USD.
The trading volume of ZEC has increased by more than 142%.
The recurring downturns in the cryptocurrency market have caused digital assets to lose momentum consecutively. Most assets are stuck in the red zone, unable to break free. Fear generally dominates the cryptocurrency market, with the fear and greed index reaching 31. Among alternative currencies, Zcash (ZEC) has emerged as one of the trending coins, recording a sharp decline of 29.21%.
In the early hours of the morning, the price of ZEC was trading at its highest level at $679.47, and with this strong drop, the price fell to its lowest level at $477.53. If the ongoing bearish trend is reinforced, short sellers will push the price to its previous lows. According to CMC data, Zcash is currently trading at around $480.76.
Meanwhile, the market capitalization of ZEC stands at $7.88 billion, with the daily trading volume of the asset increasing by over 142%, likely reaching a range of $5.04 billion. Coinglass data reported that the market saw a liquidation of $31.18 million of Zcash over the past twenty-four hours.
Is the price of Zcash experiencing further declines?
Given the negative outlook, the price of Zcash may drop to its key support level at $478. Any potential downward correction could lead to a death cross, likely pushing the price down to $476 or lower. On the positive side, should a reversal occur, the asset's price may rise and test the nearest resistance level at $482. As bullish pressure increases, the golden cross begins to appear, lifting Zcash's price above $484.
ZEC chart (Source: TradingView)
Furthermore, the Moving Average Convergence Divergence (MACD) line for Zcash shares is below the signal line, indicating bearish momentum. The price may continue to decline, suggesting a potential downward trend. The Chaikin Money Flow (CMF) indicator for ZEC at -0.04 indicates slight selling pressure in the market. Notably, capital is flowing out of the asset, but not at a significant rate. The deep negative value will confirm stronger bearish momentum.
Additionally, the daily Relative Strength Index (RSI) for Zcash shares, at 42.62, indicates a neutral to slightly bearish area. The price may stabilize or decline further if buying pressure does not increase. The Bull Bear Power (BBP) reading at -108.12 reflects strong bearish dominance in the ZEC market. Market sentiment remains bearish, driving prices down, and further declines may follow unless buyers regain control.$XRP
