ZEC Price Analysis – June 1
After the bullish reversal, the ZEC/USD market rose gradually, with a $90 resistance that remained at a solid level for the buyers. A significant drop below the 0.001BTC support may indicate a false breakout for the ZEC/BTC market. However, the ZCash markets must overcome the immediate resistance level of $90 for bullish confirmation.
Resistance levels: $90, $100, $110
Support levels: $70, $60, $50
As seen on the chart, the price of ZEC/USD dropped from $85 to $79.21 today and may fall further. The bears control the market after a Tuesday that raised the price from $76.36 to $85.25. Therefore, as indicated by the indicator, the daily price tends to exceed the red Ichimoku indicator cloud, which shows that the future sentiment of the market will fall.
Surprisingly, the MACD indicator now reveals that the signal line is trying to converge with the MACD line, indicating a decreasing upward momentum. RSI 14 escaped the overbought area so that sellers could get $70 or less in support, positioning the market in a bearish trend. Above all, buyers can visit $100 after struggling to exceed $90 resistance level.
After a significant increase in ZEC/BTC two days ago, the 4-hour chart shows that the pair managed to exit the declining trend line today, but was subsequently rejected at the 0.01 BTC resistance level. The market price has crossed the 9-day MA red line and if it crosses the EMA’s 21-day blue line, which is not seen coming, it can cause an additional drop in the support level.
Looking at the 4-hour RSI, ZEC left the overbought territory where it previously was and now drops to level 60 and if the RSI trend is well below 50, the market may fall into oversold condition and this could reduce the ZEC/BTC market into a bearish zone, allowing the support level to test 0.001BTC. Under this support, sellers can find another fund around the 0.001BTC level.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results