Battle Lines Drawn for Zcash (ZEC): Can Bulls Defend Against Growing Bearish Pressure?

• Zcash price is holding within the $469 threshold. 
• ZEC falls into neutral to slightly bullish momentum.

Zcash (ZEC) is attempting to escape the bearish barrier, displaying a bullish trait on the chart. Over the last 24 hours, the asset has registered a 4.82% gain in value. In the morning hours, it traded at $444.72, and with the bullish shift in the ZEC market, the price has tested a few crucial resistance ranges and climbed to a high of $477.61.

At the time of writing, Zcash trades within the $469.51 zone, with its daily trading volume having plunged, and reaching the $451.32 million threshold. Also, it’s worth noting that the ZEC market has experienced an event of 24-hour liquidation of $2.96 million, as reported by the Coinglass data. 

The recent price charts of the ZEC/USDT pair reveal the chance of being in both the red and green zones. If the current spike in price action strengthens, the immediate resistance would be at $470.65. With more pressure on the upside, the bulls might form the golden cross, likely sending the price up above $472.38.

On the flip side, assuming the Zcash bears take charge, the price might retrace and test the nearest support at the $468.22 level. Further downside correction could strengthen the momentum, potentially, and initiate the death cross to take place. It may eventually drive the asset’s price even lower, below $466.39. 

Zcash Momentum: Heading for a Bullish Spark or a Major Drop?

The technical analysis of ZEC exhibits that the MACD and signal lines are below the zero line. The asset is trading within a bearish trend, suggesting that sellers continue to dominate the broader market. Even if short-term rallies occur, the overall trend remains weak while both indicators stay below zero.

(Source: TradingView)

Moreover, the CMF indicator value of -0.16 indicates moderate selling pressure and ongoing capital outflows in the Zcash market. The volume favours distribution rather than accumulation. It shows that the sentiment is leaning bearish, and this points to continued weakness in buying demand. 

ZEC’s daily RSI of 51.40 exhibits neutral to slightly bullish momentum. Technically, it is above the 50 level, with buyers holding a small advantage over sellers. However, the asset’s momentum is not particularly strong in either direction, reflecting a balanced market with a slight bullish bias. 

Besides, looking at the BBP reading of Zcash, which is stationed at 12.23, highlights strong bullish pressure. The price is trading above its average, with the buyers firmly in control. The positive reading infers that bulls are driving the current trend, helping sustain the upward price movement.

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