NewsPrice Analysis

Zcash Price Suffers Extreme Plunge, Will ZEC Price Rebond?

Author: Sohrab Khawas

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    • Zcash price gained a strong momentum since the start of 2021 which put the price to above $122.

    • Woefully, the price slides down to shedding nearly $10 and expected to visit still more lower levels soon.

    Zcash Price May Decline to $80

    Zcash price chart showcases several spikes which clearly indicates the strong intention of the asset to keep on surging despite the series of plunges. The price manifests its efficiency to flip the resistance levels into support levels and sometimes the other way round too.

    In the current scenario, ZEC price is attempting to form yet another spike by surging to the next levels above $122. Nevertheless a plunge was awaiting which declined the price to $104 and the price is expected to visit more lower levels in coming days.

    ZEC price

    As shown in the above chart, the price is on the verge of forming a M-Shaped pattern which indicates a bearish reversal trend for the asset in the coming days. As it has happened many times with the ZEC price before, this time also the price is expected to slide down to the levels around $80 or even below.

    ZEC Price Appears Even-Handed!

    ZEC price as mentioned earlier that attempts very hard to recover the lost position each time it plunges. The initial drop from its highest levels too included many spikes and hence avoiding a free-fall.

    Currently the ZEC price is manifesting no sign of strength but neither weakness too as the pump and dump are not notable according to an analyst Cow Jones.

    Interestingly, an analyst tcr thecoinrepublic had predicted the ZEC price plunge to levels close to $103 well before, when the price was at the resistance levels of $122.

    Therefore, the coming couple of hours appears to be more decisive for the asset, as if the price completes the M-pattern as predicted, then the bearish momentum might outperform the bull run. 

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