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Zcash Price Analysis: Even A Breakout From A Parallel Channel Could Not Help Zcash To Start Its Rally

  • ZEC coin fails to start a new rally after the breakout from the falling parallel channel pattern
  • The ZEC/BTC pair was trading at 0.003417 BTC with a gain of 4.18%
  • The 24hr trading volume in the ZEC coin is $303.7 Million
Tradingview

The ZEC coin price has recently given a breakout from a falling parallel channel pattern in the daily time frame. However, even after providing a breakout, the price continues to fall lower, crushing the hopes of many market participants looking forward to adding XEC coins to their portfolios. The price is currently at $118.6 with an intraday gain of 0.95%, getting strong support from the $120 level, coinciding with the 0.786 FIB level.

About the EMA’s, the ZEC coin is trading above all the critical EMA’s 20, 50, 100, and 200 indicating a strong bullish trend formation; moreover, each of these will act as a strong resistance if the price tries to move higher.

The RSI (BEARISH) value is at 46, indicating a slightly bearish sentiment in the market. However, the RSI line does not seem to be that weak compared to the price, showing some weakness in the bearish momentum.

ZEC coin Has Entered A New Shorter Falling Parallel Channel Pattern In The 4hr Time Frame

Tradingview

After failing from a bigger parallel channel pattern, the ZEC coin price has now entered a new shorter falling parallel channel pattern in the 4hr time frame offering good shorting opportunities for ZEC traders. Moreover, traders can also plot a traditional pivot level in their chart, as they show great confluence with the S-R levels, providing great confirmation in one’s trade.

The MACD indicator (BEARISH) shows a bearish sentiment in the price as both the MACD and the signal line below the neutral zone. 

Conclusion: From the technical perspective, the overall sentiment for the ZEC coin remains bearish, and after falling to give a bullish breakout from a falling pattern, the price is again moving in the same direction with a smaller parallel channel pattern; thus, traders can find multiple shorting opportunities in ZEC coin until the pattern is intact.

Support: $110

Resistance: $120