Price Analysis View Non-AMP

ZCASH(ZEC), Harmony(ONE) Price Could Fall Into Bearish Trap! What’s Next?

Written by: Sahana Vibhute

October 23, 2021

Zcash Price Testing Crucial Levels

The asset experienced a notable dump and consolidation since the start of the present trading day. However, from the past 10 days, the Zcash price appears to have reversed its trend maintained above certain levels. The 24-hr trading volume was also considerably high which made the price sustains above the uptrend line. 

Source: Tradingview

ZEC price had reached its highest levels around $370 amid the previous bull run and when the target at $500 was visible, the crash drained the price more than half. The price after the crash attempted to flee from the bear a couple of times, yet ended up with a rejection. And hence a double bottom pattern or ‘W-shaped’ pattern is formed where-in the price is tested at the neckline. 

Breaking the neckline is pretty important for the asset as it would ignite yet another bull run to reach highs close to $300. However, a rejection from here may not add up more losses, yet the recovery to these levels may trend at a tortoise’s pace. And hence no matter Zcash price avoids a sudden jump, yet a steady and consistent uptrend is the need of the hour. 

Also Read: MOVR All Set TO Give A Tough Fight To FTM & AVAX, Who Will Succeed?

Harmony(ONE) Price May Drop Hard

Harmony price showcased a pretty good bullish rally in the past fortnight, undergoing calculated pumps & dumps. Moreover, the quick rebound at $0.204 multiple times, paved way for the asset to expect new higher highs. Despite a bullish trend, ONE price still could plunge close to the support levels before resuming the rally.

Source: Tradingview

As the price went parabolic, bounced through the support levels and formed the cup pattern. However, following the pattern, the price has already initiated a dump that points out towards a handle. However, with the completion of the handle, the price usually rebounds with a notable margin. And hence the asset could surge high in order to hit $0.3 levels very soon. 

Collectively, Zcash (ZEC) price and Harmony (ONE) price is poised to hit their immediate resistance levels initially. And therefore range towards their lost positions which appear are 20% distinct from current levels. 

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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