ZEC Pulls Back Of 20% In Less Than A Month: Price Analysis

ZEC pulls back from the gains of 20% as one of the top 30 altcoins on the global market and is now trading above $80, breaching the year-long resistance above $100 and $102. In our Zcash ZEC news, we are taking a closer look at the price analysis. Zcash has a massive market cap of more than $800 million and dipped by more than 20% in three weeks while it is now below $100 because of the volatile market.

ZEC seems to be not so volatile on the 2-day charts with huge support from the 50-day and 200-day MA. Zcash breached the major resistance above $100 but it seems that ZEC pulls back now and trades below $90 with a bearish intraday candlewick on the charts. The ZEC/USD price trend after breaching the upper Bollinger Band on the charts is back to trading within the range because of the daily corrections but the bands are widening.

The five months before the coin got stuck to the 1-year resistance, Zcash tested supports as low as $17 when the massive sell-off happened in March thanks to the Coronavirus Outbreak. Right after hitting the yearly lows, ZEC drew a huge uptrend on the daily charts with a bullish candlewick against the US dollar. The coin had support from the daily MAs which was above $50 and it has been strengthening with the near-term volatility according to the Bollinger Bands.

Due to the intraday pullback and the 20% dip in less than 20 days, Zcash aims to hold the bearish crossover on the charts and the single line above the MACD line. The RSI declined below 70, currently at 55.62 because of the decrease in demand after the slight pullback in the past three weeks.

Also as per the Zcash news, The Zcash Foundation will select five members in the new Zcash member board to oversee the $36 million treasury and the foundation said that the community interest in such a proposal grew over the past few months. The move came right when the community-based governance gained a foothold in the market. The foundation which is a public charity devoted to privacy protocol Zcash will elect new members to the community advisory panel to ensure a better community-driven process for deploying more than 420,000 ZEC according to the release.