Zcash’s ZEC May Soon Face Correction After Consolidating At $44

Zcash’s ZEC may soon face correction as the price consolidated at the $44 price level and the price improvement is still intact. The changes in the price of the asset surging are quite strong and the investment in the asset is speculated to bring great returns in the future so let’s see what the future holds for ZEC in the latest Zcash news.

Back in October 2019, Zcash’s ZEC rate was hovering around $44 and the coin stayed around the same level until mid-November. There was a little drop later but the rate of the asset didn’t drop below $33. In December 2019, the price hovered around $33 and remained within the same level till the year-end. The substantial improvement started with the start of this year.

Since 2020 started, the currency was trading with a bullish influence. By the middle of January, the ZEC price crossed the $50 price point and by the end of the month, it was almost $70. Zcash’s ZEC then managed to trade with stability at this level for a few days and during the first half of February, the currency managed to even reach $76. However, later it started trading downwards.

Zcash started an immense drop and reached the $50 price point. The price drop continued in the next month and around March 13, the ZEC price dropped to $16.70. After losing almost 80 percent of its value, the coin started improving again. Now, as we can see from the charts, Zcash’s ZEC may soon face another correction as the price was spotted trading at $44. Since the middle of March, the cryptocurrency maintained the upside trendline and it is possible that it will continue to trade with an upside momentum in the upcoming week.

If Zcash manages to reach $51, the chances of surpassing the next resistance at $71, are growing. Since 2019, the ZEC price didn’t drop below $16 so the $13 price point is creating a stronger base for the altcoin. The RSI is standing at 59 and it is tilted upwards. According to the technical indicators, there’s an impending period ahead with multiple improvement indications. However, the scenario of a downward impulse is also here, and it could see the altcoin drop to the 23.6% or 38.2% Fibonacci retracement levels. These support barriers now sit at $40.6 and $36.3, respectively.