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On April 15, one of the leading privacy coins, Zcash (
$ZEC
), plunged by around 4% as the overbought weekly rally cooled down.
coinmarketcap, said that the $ZEC price is trading at around $342 – according to CoinMarketCap. 29 – with a drop of about 4-4 . 52%. Currently, the privacy coin is capitalizing approximately $5 in market. 69 billion. Another drop was also seen in the $ZEC price, where it plunged to $454. 68million (68 million)
Zcash ( $ZEC ) Price Faces Slight Drop Amid Consolidation Pattern
During the last 7 days, $ZEC has increased by about 6 percent in the past 7 weeks. 81 per cent of s. The drop means that the cryptocurrency is under a small correction before further upward momentum can be added, as it appears today.
As the breakout zone gets closer, Zcash is putting pressure on itself. Following an aggressive recovery, the token is building up and the price is rising above major support while slowly moving towards resistance levels.
The current price chart is forming higher lows, . It’s one of the biggest signs of buying and selling from buyers, as is this for . The price can quickly become a strong upward momentum if it manages to for ‘clean breakout with high trading volume’. There are big target points at $350, $380 and $420 right now.
This move is due to the recent consolidation phase, where the cryptocurrency has repeatedly traded between $345 and $3562 – an extremely tight range of currency. The consolidation pattern is now forming the daily chart of consolidation patterns after breaking out from a multi-month downtrend.
A flag formation like the current price movement is a reminder of how the token is taking pause from recent highs around $360 to determine what direction next. After a rally in the cryptocurrency, this type of price movement follows such. if the trading volume is high, this could be another high and it may go for that .
The current price action is looking constructive as long as the price holds above the recent low of $340.
The 14-day relative strength index is currently sitting at about 38 on the daily timeframe, TradingView reported. Hence, it is in neutral territory that the cryptocurrency is no longer over-sold and overbought. It suggests that the cryptocurrency may be in any direction without reversal pattern immediately, and is not necessarily reversed as it would like to do so, this indicator says.
The RSI has cooled from highs seen during the early April rally, which confirms the current consolidation zone.
Speculations for the short-term chart are mixed signals from moving averages. It is trading below the 5-day and 10-day simple moving averages of about $355, according to the price. This is a very short-term resistance to this .
However, Zcash is currently above the 50-day and 200-day moving averages, which are between $310 and $340.
Currently there is a high support level of about $340, and if the cryptocurrency falls below this level it will drop to $330. Conversely, there is a high resistance level of about $360 to $370.
Zcash’s current drop comes as the crypto market is experiencing a new wave of excitement after Bitcoin ($BTC) went up over $74,000. In the last 7 days, a small jump has been seen by many altcoins after this rally in $BTC.
The company Cypherpunk Technologies said it bought another 9,163 on April 15, citing the purchase of . There are 32 Zcash tokens for about $2. paraphrasing 15 million,. The firm bought each token at the average price of about $234 per token, according to an official press release. Per token, 63 per . This new deal marks the 303,906 Zcash holdings of Cypherpunk Technologies’ total portfolio with this latest acquisition. 40 $ZEC. This is about 1 . 82% of the total $ZEC circulating supply was provided by .
Thanks for reading Zcash Price Falls 4% Despite Cypherpunks Accumulating ZEC
