The Zcash price movement has been quite dramatic in the last 30-days. In January, the coin was spotted hovering around $50. Towards the end of the month, the price exhibited huge escalation. In February, the beginning was moderate but later, the momentum picked up. Recently, ZEC coin is spotted under huge pressure. Apparently, the selling spree is affecting the currency. The possibility of improvement is there on the charts.
ZEC/USD Price Chart:
Zcash coin was trading at $51.84 on January 19, and then the price dropped to $49.05 at 12:30 UTC on the same day. After that, the ZEC coin price recovered immediately and reached $55 but from this high, it started trading downwards and touched $46.63 by 15.29% in the next three days. After reaching this low, Zcash price escalated to $67.89 by a massive hike of 45% on January 30. The last day of January felt marginal fluctuation and the price dropped to $62.47 but recovered to $66.43.
The first four days in February experienced downside momentum. The price counters moved from $66.43 to $63.13. Then, the price improved to $72.44 by 14.75% on February 06. Later, Zcash price dropped again, and this time to $68.11 at 05:00 UTC. The ZEC price picked up the pace to $74.13 but the plunge brought the Zcash price to $55.50 by 24.80% on February 17. Recently, the coin picked up the pace and is now at $64.60 by 16.30% hike.
As per the MACD chart, the signal line moved above the MACD line recently, and it indicates moderate downside movement in the price of Zcash. At the time of writing this analysis, the coin was trading at $64.23. The coin is presently quite near to the immediate support level at $58. However, if the momentum reverses, then the coin would find immediate resistance around $68.
Resistance & Support Levels:
R1: $68.33, R2: $72.1 and R3: $78.63
S1: $58.03, S2: $51.5 and S3: $47.73