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ZEC Price Consolidates After Testing $110 Level As Bears Dominate

Cryptocurrency May 07, 2022 04:30AM ET
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© Ink Drop ZEC Price Consolidates After Testing $110 Level As Bears Dominate

  • ZCash’s (ZEC) price has fallen 6.42% in the last 24 hours to $119.36.
  • The price of ZEC is very near its 24 hour low of $119.24.
  • ZEC’s price has entered a consolidation period once it tested the $110 level.

ZCash’s (ZEC) price has fallen 6.42% in the last 24 hours to $119.36, according to CoinMarketCap. ZCash’s price has also fallen in the last 7 days as well, dropping by around 9.02% at the time of writing.

The price of ZEC is very near its 24 hour low of $119.24. Its 24 hour high is $127.57.

ZEC’s price has also weakened against Bitcoin (BTC) and Ethereum (ETH) by around 4.57% and 3.27% respectively at the time of writing. At the moment, ZEC is worth approximately 0.003333 BTC and 0.04484 ETH.

Ranked number 49 on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, ZEC’s market cap currently stands at $1,710,198,473. The daily trading volume of ZEC has dropped in the last day by 8.99%, taking the total 24 hour trading volume to $199,671,623.

Short-term bearish period confirmed by 8 EMA (Source: CoinMarketCap)

The 8 EMA has crossed underneath the 20 EMA on the daily chart for ZEC/USDT, which signals that the price for ZEC may continue to fall more. The price may make a move to $110 as that is the next support level.

However, the $110 level may be the lowest low that the price of ZEC will reach during this period of flat trading as the price seems to have entered a consolidation phase once it neared $110 almost a week ago.

One thing is clear, the bears currently control the market. However, it does not seem as if bears want to push the price of ZEC below $110 as they have taken their foot off of the gas once they approached the level.

Continue reading on CoinQuora

ZEC Price Consolidates After Testing $110 Level As Bears Dominate
 

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