ZCash Price Analysis – April 25

  • ZCash price broke the bullish trend line and the candlestick closed on the opposite of the trend line, signaling the end of the bullish trend.

ZCash, ZECUSD, CryptoCompare chart

ZECUSD Medium-term Trend: Bullish

Supply levels: $300, $290, $280

Demand levels: $240, $250, $260

ZCash price was forecasted yesterday to reach $350 but was resisted by the bears. The bulls took the price to $320 and they lost possession to the bears. The price pullback resulted in the bears taking it to the $275 low. The asset price is currently trading at $273.61. However, the weekly chart shows that the ZCash price has broken the bullish trend line, indicating that the trend might have reversed.

Also, the 20-day moving average crosses below the 50-day moving average, indicating that the ZCash price is falling. The $280 price, formally the resistance level, is now the support level. If the price further declines, Ripple will find support at $240. However, if that level is sustained, the asset price might move in a range bound movement.

ZECUSD Short-term Trend: Bearish   

ZCash, ZECUSD, CryptoCompare chart

The daily chart shows that the ZCash price is in a downtrend, as a result of the bearish reversal. The price fell to $320 and continues downward. A downtrend is present when the price makes a series of lower highs and lower lows. If the price continues to fall, the demand levels will be breached.

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