ZECUSD Medium-term Trend: Bearish
Supply levels: $295, $290, $285
Demand levels: $265, $270, $275
ZCash price fell from the resistance at $320 to the low of $275 . The bearish outlook has been confirmed by the moving averages. When price fell to the low of $275 , there was no further price decline; rather the asset was fluctuating between the support level at $275 and the resistance level at $300. Price of ZCash has been fluctuating for the past three days between the $300 and $275 levels.
There is a possibility of a breakout in the days to come. However, if price breaks the support level at $275, it will further decline to the low of $260 . On the other hand, if price breaks the resistance level at $300, then price will rise to the $400 level.
ZECUSD Short-term Trend: Ranging
The daily chart shows price in a range bound market. At the $275 support level, ZCash rose to $305 and fell again to $ 275. Then the price began a range bound movement. However, this is not a perfect setup because the price of the asset is not evenly apart between the resistance level and the support level.
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