Hey Guys..!!
Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.
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Alright, let's get straight into the discussion, happy reading!!
Zcash(ZEC) Analysis
Today, October 21, 2022, I will try to technically analyze the price movement of Zcash.
If we look at the price movement of ZEC in general, we can see that ZEC is in a very deep bearish phase. We can see this in the ZEC price movement pattern in the chart above where the candlestick tends to move downwards if we look closely.
The chart above also shows that the current bearish trend in the ZEC/USD market will continue for the next few days because the ZEC price has broken the Support Level.
This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.
Further confirmation was also given by the ADX indicator with the presence of a cross between the two DI lines where the DI- line moved above the DI+ line.
Not to forget, the RSI indicator shows that there will be an oversold phase soon in the ZEC/USD market, we can prove this by moving the RSI line to the Lower Band which is the lower limit of the RSI indicator.
Disclaimer: