Zcash delivered impressive short-term gains in the last 6 weeks but overbought conditions and divergence signals strong reversal ahead.
, one of the top privacy coins, has delivered an impressive bullish performance in the last two months. Traders that were exposed to this coin in the last six weeks and held on have enjoyed a 175% gain.Zcash’s performance in the last six weeks has been nothing short of impressive. It even managed to achieve a robust bounceback after the crash at the end of July and the start of August.
For perspective, this privacy coin traded as low as $15.78 on the 5th July and peaked at 43.44 during the trading session on the 12th of August. Let’s take a look at Zcash’s price prediction.While Zcash demonstrated impressive bullish momentum, a natural pullback is due. There are multiple signs indicating a high possibility of a reversal.
For instance, Its RSI formed divergence against the price in the 3-hour chart, indicating that the bullish momentum was weakening.In addition, the RSI had already pulled back from the overbought zone, signaling a rapid buildup of sell pressure. ZEC had a $41.52 press time trading price, equivalent to a 5.67% pullback from its recent high.A strong pullback may push prices towards the $26.71 and $30.10 before resuming its upside.
Zcash can still be viewed as underrated in the long term, despite the recent rally. At press time, it had a circulating supply of 15,328,269 coins, which means it is more scarce than BTC currently.. The low circulating supply suggests that its bulls have a lot of legroom if ZEC can achieve sustained robust demand.Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments.
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