Zcash Sheds 14% Last Week, But Analysis Reveals Buying Opportunity

Zcash (ZEC) was treading a bearish route along with other altcoins, having shaved off as much as 14% in the past few days. Zcash loses 14% last week but opens up an increased buying opportunity Awesome Oscillators looks bullish ZEC’s RSI at 42 On-chain metrics have shown a glimpse of a buying opportunity with a hint of a downtrend. Now, will the bulls pull it off and haul the price back to $66? Zcash Fibonacci retracement levels have hovered up from $55 to $92.6, showing an 83.4% retracement level, which is close to the key support zone of $58. In June, the $55 to $58 zone emerged to be a bullish lane. Related Reading: Chiliz (CHZ) Could Be Set For A Hot Streak With This Data OBV Hints Increased Buying Volume More so, the OBV is also seen to rise since July hinting at a more stable buying volume which is recognizably stronger compared to the selling pressure. On the flip side, frequent retests of the support level seem to have weakened it. If the ZEC price dips below $58, then the coin could further slip to $55 and $52, triggering a new buying opportunity. Still, the momentum is geared towards the sellers with the RSI unable to offshoot the 50 zones and stay above that level. On a 2-hour chart, Zcash appears to have dampened its strength and has weakened as seen in the past couple of weeks. The $67.3 area was bearish as seen since August. More so, the same area has been retested twice. At this point, the AO reveals a bullish d...