ZCash: The Final Frontier (Does Support Hold or Break?)
Hey, everyone; so I'll explain to you all below why I'm actually very neutral on ZCash.
As you can see from the picture above, the price has been getting throttled as of recent.
However, more importantly, the price is nudging right up against a really solid support for Zcash.
Now, if the support can hold and the price bounces from here, then the gains will more than likely be decent.
However, if the support breaks, that’s probably going to be a problem.
Remember, this is on the daily chart.
A Positive Sign on the Chart
One positive sign is the fact that the RSI is entirely oversold at this point and its on the support.
This is positive because:
a) It means that (based on prior price data), the RSI is indicating to us that the bears have potentially reached their max threshold on ZZEC and may be ready to ease up.
b) At some point, the momentum will carry back upward, which will result in an increase in the price. How much? Who knows.
So, the setup looks good.
EMA Indicators
The good news (for bulls) in the chart above is the fact that the EMA indicators (on the daily) are far above where the price is now.
The nearest overhead EMA indicator (EMA-12), is sitting at $174.85 currently, which is +10% over the current price, giving it room to move.
Of course, what’s bearish about this setup is the fact that the EMA-50>EMA-26>EMA-12.
That’s actually about as bearish as it gets.
Conclusion
The price doesn’t seem to really be responding to any fundamental news surrounding Zcash.
And based on those technicals, it’s almost impossible to make a serious inference about the price action of ZCash until we observe the price either bounce or fall below the support point that it is at currently.
As you can see from the picture above, the price has been getting throttled as of recent.
However, more importantly, the price is nudging right up against a really solid support for Zcash.
Now, if the support can hold and the price bounces from here, then the gains will more than likely be decent.
However, if the support breaks, that’s probably going to be a problem.
Remember, this is on the daily chart.
A Positive Sign on the Chart
One positive sign is the fact that the RSI is entirely oversold at this point and its on the support.
This is positive because:
a) It means that (based on prior price data), the RSI is indicating to us that the bears have potentially reached their max threshold on ZZEC and may be ready to ease up.
b) At some point, the momentum will carry back upward, which will result in an increase in the price. How much? Who knows.
So, the setup looks good.
EMA Indicators
The good news (for bulls) in the chart above is the fact that the EMA indicators (on the daily) are far above where the price is now.
The nearest overhead EMA indicator (EMA-12), is sitting at $174.85 currently, which is +10% over the current price, giving it room to move.
Of course, what’s bearish about this setup is the fact that the EMA-50>EMA-26>EMA-12.
That’s actually about as bearish as it gets.
Conclusion
The price doesn’t seem to really be responding to any fundamental news surrounding Zcash.
And based on those technicals, it’s almost impossible to make a serious inference about the price action of ZCash until we observe the price either bounce or fall below the support point that it is at currently.
Telegram = t.me/librehash
Twitter = twitter.com/librehash
Website = librehash.org
GIt = git.librehash.com
Docs = docs.libreahsh.com
Twitter = twitter.com/librehash
Website = librehash.org
GIt = git.librehash.com
Docs = docs.libreahsh.com
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