The Zcash price is trading at an all-time low. The current price movement does not confirm that a reversal is close to being initiated. Therefore, we could see a continued downward movement.
Over the past week, the Zcash price has decreased by 24 percent. This is in line with the current trend, which has been bearish since the end of June 2019.
Journalist Larry Cermak showed the rate of decrease for the Zcash price since the January 2018 high.
Zcash now trading at all-time low. Prices now below $27. Down 96% from January 2018. Brutal pic.twitter.com/5ePfAzM5oH
— Larry Cermak (@lawmaster) November 25, 2019
As stated in the tweet, the Zcash price has decreased by a massive 96 percent.
Current Low for Zcash
Looking at the logarithmic chart, we can see that today’s $25.58 low is slightly lower than that reached in March 2017.
The weekly RSI has decreased into oversold levels. It has not been at this level since 2017. However, it still has room to fall, since it is currently at 30.
Looking at the movement since September 23, we can see that the Zcash price has been trading in a range between $41 and $32.
However, the decrease that transpired on November 21 caused the Zcash price to break down from this range and reach the $25 low.
Currently, the Zcash price is not following any clear trading patterns.
Looking at the technical indicators, we can see that the RSI is at an oversold level. However, there is no bullish divergence in place. Additionally, the MACD has made a bearish cross and is moving downward.
While the Zcash price has created a bullish hammer, it is not sufficient to predict a reversal when taking into account the other bearish factors.
Therefore, while the Zcash price is trading at an all-time low, there is no trading structure in place that suggests it will reverse soon. Therefore, further losses could occur before the price begins an upward move.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of Shutterstock, TradingView.
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Source: Be In Crypto