ZCash / Dollar Cryptocurrency Forecast
High volatility in ZCash / Dollar cryptocurrency price on Thursday which ended trading at $21.05
(Updated on Apr 18, 2024)
The ZCash / Dollar cryptocurrency price fell by -0.0949% on the last day (Thursday, 18th Apr 2024) from $21.07 to $21.05. It has now fallen 3 days in a row. During the last trading day the cryptocurrency fluctuated 10.17% from a day low at $20.05 to a day high of $22.09. The price has fallen in 6 of the last 10 days and is down by -23.9% for this period. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -49 million shares and in total, 4 million shares were bought and sold for approximately $75.92 million.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $20.69 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 20.64% during the next 3 months and, with a 90% probability hold a price between $24.96 and $45.08 at the end of this 3-month period.
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ZECUSD Signals & Forecast
The ZCash / Dollar cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $21.77 and $27.41. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Saturday, April 13, 2024, and so far it has risen 3.54%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for ZCash / Dollar cryptocurrency
ZCash / Dollar finds support from accumulated volume at $20.83 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $2.04 between high and low, or 10.17%. For the last week, the cryptocurrency has had daily average volatility of 12.31%.
ZCash / Dollar is oversold on RSI14 (20). Some cryptocurrencies may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $19.88 (-5.54%) (This cryptocurrency has very high daily movements and this gives very high risk. Low RSI14 is 20 which reduces the risk some. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (ZECUSD) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect ZCash / Dollar to open at $21.06, and during the day (based on 14 day Average True Range), to move between $18.83 and $23.27, which gives a possible trading interval of +/-$2.22 (+/-10.55%) up or down from last closing price. If ZCash / Dollar takes out the full calculated possible swing range there will be an estimated 21.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $20.83 (1.05%) than the resistance at $22.66 (7.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ZCash / Dollar cryptocurrency A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.052 Buy Candidate Upgraded
Predicted Opening Price for ZCash / Dollar of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $21.06 ( 0.0633%) | $21.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZECUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 23.10 | 9.75 % | |
| R2 | 22.32 | 6.05 % | ||
| R1 | 21.84 | 3.77 % | ||
| Current price: | 21.05 | |||
| Support | S1 | 20.28 | -3.64 % | |
| S2 | 19.80 | -5.93 % | ||
| S3 | 19.02 | -9.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 25.59 | 21.57 % | |
| R2 | 24.82 | 17.92 % | ||
| R1 | 22.66 | 7.65 % | ||
| Current price | 21.05 | |||
| Support | S1 | 20.83 | -1.05% | |
| S2 | 20.33 | -3.42% | ||
| S3 | 19.28 | -8.41% |
FAQ
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