ZEC/USD Long-term Trend – Bearish
Distribution territories: $270.00, $300.00, $330.00.
Accumulation territories: $140.00, $110.00, $80.00.
ZCash (ZEC) was having it cool as it appreciated in market valuation against the last previous weeks of encountering the selling pressure occasioned by the US dollar. The cryptocurrency went down in value below the former lowest price point that occurred on April 9, or thereabouts. On July 2, ZCash managed to make a decent rebound that spiked up the price worth above the former lowest price point a little.
Currently, the price value has slightly been reversed southward to around the former lowest price baseline. The price action looks dangling at that point as the 14-day SMA seems to maintain the same line point. The bears now apparently trying to push the downwards with less striving efforts. The 14-day SMA is located below the 50-day SMA with a notable gap between them. The Stochastic Oscillators have moved northbound, now reverses back a bit to point north again. This indicates that long entries are still in focus.
It might not be so this quickly or very soon to see more significant fall-offs of this cryptocurrency in the next coming days or weeks. On the other hand, further falls in the current price line can potentially soon be usurped as foundational points for the bullish market to resume. The assertion remains that buying entries should be looked out for especially while a reversal is spotted from bearish movements.
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