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
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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