ZECUSD Long-term Trend – Ranging
Distribution territories: $300.00, $350.00, $400.00.
Accumulation territories: $200.00, $150.00, $100.00.
ZECUSD pair has not been able to make a clear upward or downward movement from its current ranging movement. The market has kept below the immediate distribution territory of $300.00; and yet there has been no significant movement either northward or southward. The moving average 13 and the moving average 50 maintain the imperfect southward trend. The stochastic oscillator is in the oversold zone.
The current price formation could continue if the market fails to make a strong rally to either break the next distribution territory of $300.00 or the immediate accumulation territory of $200.00, thus postponing either of the two directional movements. However, neither bearish nor bullish positions can be suggested at the time of writing this analysis. Investors can only be advised to stay aside and be watchful for a well-defined market direction whenever it eventually comes up.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
