ZEC/USD Long-term Trend – Bearish
Distribution territories: $2700.00, $300.00, $330.00.
Accumulation territories: $130.00, $100.00, $70.00.
Last week, ZCash (ZEC) deprecated in its market price worth in a range-outlook against the US dollar. But, the crypto asset managed to slightly push back northbound on June 30 which marked the end of the month. Since around June 1, while the 50-day SMA ’s was intercepted from the top by the 14-day SMA, the price action has been respecting the bears’ moving force at the expense of the bulls been unable to impede.
The following dates took the records of when the digital asset begun witnessing a considerable decline in price value are: June 4, June 10, and June 22 respectively. The bears recently managed driving the market value past the previous lowest price point, seems now been trading close to its bottom line point. The 14-day SMA trend-line is a bit far below the 50-day SMA. This implies cautious selling entry. The Stochastic Oscillators are now moving around range 20. That implies that the bears’ strength is weakening.
It is still been expected that the bears will push the market worth southbound once again slightly’. The bulls may safely use any further decline below the current lowest price point for getting back into the market. The bias for this digital asset is that the bulls have started somewhat been gathering strong momentum for profitable long entries.
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