Zcash Price Falls To Lowest Levels Since March: Analysis

ZCash price falls to its lowest levels of trade since march this year, succeeding the newest fall in the bigger crypto market that was started with the news from the central bank of China as we read earlier in the Zcash news.

Since the beginning of November, the price of the ZEC/USD pair has fallen more than 30%, which is lower form the highest price in 2019. There are some suggestions from technical analysts that there is a high possibility of starting a bullish trend of reversal by Zcash, whilst trading above the $17.00 level.

Inverted head and shoulders patterns can start to form, shows the four-hour time frame if traders can make a rally toward the $40.00 level. It is possible that the price floor has been founded at the beginning of this week near $25, which is even more supplemented by a bullish reversal candle evident from the daily charts.

 A huge quantity of bullish MACD price divergence emerged during the summer decline, as the daily chart proof and the ZCash price falls even lower. The Technical indicators are indicating that a bullish reversal may happen soon, with the Relative Strength Index on the daily charts making its most oversold level on record.

The sentiment for Zcash is neutral, according to the newest sentiment data from TheTIE.io, the short-sentiment is neutral at 42.00%, and the long-term sentiment towards the token is neutral at 46.00%. At the levels of $35.00 and $40.00 is where the technical resistance is located, is shown by the four-hour time frame. A large reversal pattern to be created price rally above the aforementioned levels is needed. In the medium-term, the key technical resistance is at the $55.00 and $80.00 levels.

Strong medium-term technical support for Zcash is around the $25.00 and $20.00 levels, according to the four-hour time frame. At the level of $17.00 is critical long-term technical support for Zcash. Adding to the losses that Zcash suffered this summer, the crypto suffered an additional heavy decline this week. In order, a large reversal pattern to be formed Zcash must recover beyond the $40.00 level.

As previously reported, Upon an agreement that was signed on November 6, the Zcash Foundation will be financially responsible for all of the costs associated with assigning and also protecting the trademark. When the news was announced, the Zcash Foundation mentioned the existing disagreement with the ECC over the future of the trademark.