Since Feb 2019, Zcash (ZEC) has been in an overall-bullish trend — gaining more than 25 percent between early to mid-February before experiencing a flash crash on Feb 24, in line with the rest of the cryptocurrency market.
As it stands, Zcash (ZEC) is currently trading horizontally — though hints of bullish sentiment invade the trend, indicating that an upward break may appear in the near future.
However, if you are one to use the moving averages as an indicator of things to come, things look bleak for the privacy coin — with just about all technical indicators painting a sad vision of the future.
Currently trading at $52.36, ZEC is up more than 5 percent for the month but down more than 8 percent since the beginning of the year. Since December 2018, ZEC has been trading in a deeply bearish channel, forming successive lower lows with no serious attempts at recovery until February 2019.
Now, it appears that the downwards channel has been broken and Zcash is now beginning to form a bullish channel while beginning to recover from the February 24 flash crash. If this trend continues, Zcash could be setting itself up for strong growth in the coming weeks — potentially reaching as high as $76 by April 01, 2019.
However, if the horizontal tail is broken by a bearish move, Zcash may continue its tumble further into 2019 — potentially re-touching its currently 2019 low of $47 by April. As of writing, this appears to be the most likely of the two scenarios. Selling pressure is beginning to take its toll on the ZEC market and has been gradually pushing the price of ZEC down over the last few days.
Will Zcash form a bullish channel or will the horizontal tail break into a negative trend? What do you think it will take for Zcash to return to a respectable price? Let us know in the comments below! And check out our long-term Zcash (ZEC) price prediction !
Images courtesy of TradingView.
[Disclaimber: The above article is for educational/entertainment purposes only and is not investment advice. It should not be construed as investment advice, in any way. Always consult with a trained financial professional before making any investment decisions.]
The post Zcash (ZEC) Price Prediction and Analysis — March 2019 appeared first on BeInCrypto .