Key takeaways
ZCash is among the worst performers among the many high 30 cryptocurrencies by market cap, down 3.5% within the final 24 hours.
The coin might rally larger 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 high 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 keeping 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. Usually, an OI decline throughout a dip in spot worth reaffirms the bearish narrative as merchants anticipate additional restoration.
Technical outlook: Will Zcash worth get better above $250 quickly?
The ZEC/USD 4-hour chart is bullish however inefficient as Zcash’s worth confronted rejection above the $250 psychological degree.
It’s at present buying and selling beneath its 50-day EMA of $248c, suggesting that the bulls did not benefit from the latest rally.
Regardless of that, the near-term bias is cautiously bullish as ZEC holds above the latest lows, whereas remaining capped beneath the long-standing descending resistance line.
If the bulls regain management and ZEC’s every 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 degree at $362.
The Shifting Common Convergence Divergence (MACD) line has turned larger above the sign line and moved again into optimistic territory on the 4-hour chart, suggesting strengthening upside stress.
The Relative Energy Index (RSI) at 61 reinforces the restoration of bullish momentum with out signaling overbought situations.
On the draw back, if the rejection candle holds, ZEC might drop in direction of the 38.2% Fibonacci retracement degree at $231, adopted by the rising trendline close to the $200 psychological assist degree.
