ZECUSD Medium-term Trend: Ranging
Supply levels: $260, $250, $240
Demand levels: $190, $200, $210
The ZECUSD pair is presently trading at $222.65. Yesterday, the bulls could not push the price beyond the $240 resistance level. ZCash price seems to have stabilized at the current market price and it is in a range bound movement. From the weekly chart, the bulls took the price to the $240 high, but were rebuffed by the bears. The price is currently fluctuating between the $240 and $220 levels.
The resistance at $240 was previously a support level which was tested and broken by the bears in March 2018. The bulls have made two attempts to break that level as of now. However, if they break that level, ZCash will revisit its previous levels of $260 and $280.
ZECUSD Short-term Trend: Ranging
In the daily chart, ZCash price rose to $235, while in a bullish trend. At this level, it went into a range bound movement until the bears took price and brought it to its low at $222. Meanwhile, the RSI period 14 is level 57, which indicates that price is in the bullish trend zone. As the range bound movement continues, another breakout will occur in the nearest future.
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