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The price of Zcash has traded flat over the past 24 hours, even as nearly $2 billion worth of cryptocurrency positions were liquidated during the flash sale. This makes Zcash one of the few coins that has maintained its position amid the broader market decline.
The price is still more than 27% on a weekly basis, but the next meeting is not yet guaranteed, unless the price clears an important obstacle.
Zcash continues to move in an ascending channel on the 12-hour chart. The upper trend line has only two touch points, so it can break easily if the momentum improves. But the crash theory had some problems during the sudden sell-off, driven by three major indicators.
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The Balance Volume (OBV) indicator shows whether real demand is supporting the price. Between November 19 and 20, the price made a higher low, but the OBV made a lower low.
This type of downward divergence weakens the trend. OBV hit channel support on November 20 and bounced back, avoiding a deeper collapse. But Zcash needs OBV to go above 10.09 million to confirm stronger demand.
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Chaikin Cash Flow (CMF), which tracks the flow of funds in large portfolios, has been declining since November 7, explaining the failure of Zcash to break the top of the ascending channel.
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The CMF briefly crossed above zero on November 14 and helped spur a moderate recovery. Now the indicator is back above the zero line. However, a move above 0.02 would be a stronger confirmation that the money flow has recovered.
But the Relative Strength Index (RSI), a momentum indicator, adds the main risk.
Between November 10 and 16, the ZCash price rose to a higher high, but the RSI made a lower high. These bearish divergences showed a weakening momentum as the price of ZCash rose.
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This is also when bears take control for a short period, consistent with weak OBV and CMF. Now the RSI is moving with the price again, which shows the return of the momentum support. The source said that this is why ZCash is “barely”. Overcome the heavy sell Instead of inversion in a deeper inversion.
Zcash price levels show that the discovery war is still on
Decide on price levels I wish Now if the bulls can control the breakout war.
The first major obstacle is $766which is the primary target of hackers. This is the extension zone based on the trend before ZEC stops first. Explain overflow $766 The first real change in momentum.
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If it exceeds ZEC $766the next main goal is $978. This level also represents the possibility of a breakout of the ascending channel itself. Move the cleaner over $978 It will pave the way to four-digit prices.
on the side, $635 It is the first support. His loss is obvious $555. The source said that the decrease below $555 Will pay ZEC is out of the ascending channel Turn the direction to be neutral. This is where the bulls and bears strength indicator comes into play.
The Bulls and Bears strength indicator compares the price to the value of an underlying trend to show who holds the power in the near term. After the RSI divergence (November 10-16), the bears took control for a short period, combining a pullback in the middle of the channel.
But the indicator is back in positive territory now, which means the bulls are in control again. Because the bulls are now leading the Bulls Power Index and the bears, the discovery war has intensified above $766. If the price of Zcash breaks $766 While the strength of bulls and bears remains positive, ZCash gets a real opportunity to attack $978which is the key breakout level that will decide the next phase of the trend.
