Zcash Weekly Analysis

Zcash Weekly Analysis

1 December 2017, 18:52
Dragan Drenjanin
Since a few weeks, the cryptocurrency market is on steroids. The price of Bitcoin is attracting the attention of every market watcher, but it does not end with only Bitcoin. Some of the altcoins are also performing very well; some even better than Bitcoin. Zach is also one of the coins in this soaring crowd. With a soaring run, its market cap went north of $1 billion, but with a dip in the price, it is currently settled at more than $817 million.

Key Highlights
  • After reaching the weekly peak above $370, Zcash’s market cap soared above $1 billion, at least for a short while
  • ZEC/BTC depreciated 25 percent over the week, and the value is currently stabilizing around 0.03 BTC

The token started the week with some ebbs and flows until a buying rage took the price from $316 to $354. From there, the price took another jump to reach $363, but the resistance at the mark initiated a downward movement.

Strong support levels between $331 and $337 prevented any further price drop in the midweek. The later even acted as a pivot and pushed the price to reach the weekly peak at $371.

But from the peak, the token nose-dived instantly to reach $291. Though this mark acted as a pivot and pushed the token to $322, it again dived and this time to $264. This mark also acted as a pivot and pushed the price upward. Now the coin is struggling to stabilize around $294.

The dip from the peak turned all the oscillators in a bearish run. But the recently stabilizing price is bringing some good news. MACD is recovering and going up. But stoch is still moving down with hints of a U-turn. RSI is at 52 percent. Due to the sudden dip, a crossover is also happening between 100 SMA and 200 SMA.

Against Bitcoin, Zcash had a bearish run all-round the week. The pair depreciated 25 percent as it went down from 0.041 BTC to 0.030 BTC.
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