ZCASH course in June 2021: Higher or lower?

What is the prediction for the ZCASH Prize in June? Can ZEC/USD 200 or will it fall below $ 100?

The price of ZCash (ZEC) has increased by 15 % in the last 24 hours and acts by $ 140, only 8.9 % lower than its weekly opening course at the time of writing. However, the ZCASH price has dropped by 54% in the last 30 days to emphasize the massive bleeding that was observed in the cryptom market in May.

Despite the crash of price, ZCash remains in the positive area with an increase of 167%.

For ZEC owners, the price increase observed that day is welcome after a week of correction. The upward trend reflects the general mood for positive news for Bitcoin from El Salvador, where the benchmark cryptocurrency was approved as a legal means of payment.

In particular, however, data protection coins such as ZEC and Monero (XMR) fly in a week in which the US Ministry of Justice announced that they had confiscated 63.7 BTC that were paid to cyber attacks that had compromised the company Colonial Pipeline.

The ZCASH price remains very volatile and new declines are possible, but can the bulls build up in the coming weeks to end June at high? This ZCASH price forecast looks at the fundamental and technical prospects for data protection coin, whereby forecasts propose potential prices for June 2021.

Zcash price forecast for June 2021

zcash-price Taeschaft

The ZEC price prints a declining outlook despite the upward trend of 15% on the daily chart. The 30%correction of the cryptocurrency from June June 8th brought the price below 170, with bears visiting the 118 USD zone again.

The ZEC/USD couple currently acts among the daily 20 and 50 exponential sliding sections (EMAS). The two act as resistance levels at $ 162 and $ 187, which have to break through bulls to win back the upper hand.

If you look at the two most important technical indicators of the RSI and the MACD, we see that the sellers largely keep control. The relative strength index ticks under 50, while the indicator for the divergence of the moving average convergence remains in the negative area.

As the daily chart below shows, the retracement of the ZCASH price led below the 50% Fibonacci retracement at $ 202.18. The extended sale even led to the 61.8% Fibonacci retracement completed at $ 175.18, according to which the bulls were difficult to recover.

Currently, buyers try to recapture 78.6%fibonacci retracement level at $ 136.74. An outbreak above this level will increase the purchase pressure and may bring ZEC/USD towards the key targets at the 20 and 50 EMA. The main prize is $ 200 (just below the 50% FIB level).

The reference to a declining flag pattern should hinder the bulls at short notice. If bears violate the support zone by $ 136, a new downward trend could occur and ZEC in the direction of $ 114 and then $ 87.

ZEC/USD price on the daily chart. Source: Tradingview

zcash price weekly chart

On the weekly chart, ZEC/USD recently formed a double top pattern that culminated in a declining correction at the end of May and early June.

After a decline under the 20 and 50 exponentially moving weekly average, the price is again above the longer -term key figure. As can be seen on the weekly chart, there is a strong bear presence near the EMA 20, whereby the Doji Candlestick of the last week of May indicates exhaustion among the bulls.

An attempt to use the DIP as a purchase opportunity for ZEC/USD has not proven itself because the price has decreased even deeper. The collapse under the 78.6% Fibonacci retracement level increased the pressure, with $ 120 to $ 100 becoming a main support region.

A look at the weekly RSI and MACD indicators suggests that the sales trend continues. The RSI flies under 50, while the MacD has a declining crossover and increases within the negative zone.

If the bulls cannot keep over $ 140, there is a likelihood that the prices fall below the important support area by $ 136. The main objectives below this demand zone are the 50 EMA ($ 126.50) and the horizontal line at $ 114.

ZEC/USD price on the weekly chart. Source: Tradingview

What could drive the ZCash Prize in June?

Volatility on the cryptom market is still extreme and this will probably still affect ZCASH prices. But as investors may already know, volatility also has opportunities. If the ZCASH price drops, this could buy a ' the dip ' opportunity as it happened as a ZEC during the crypto blood bath in April by 45 %.

Note that the price of ZCash, like other cryptocurrencies and financial instruments, can fluctuate for various reasons that affect the mood on the market.

in June and for a large part of 2021 is one of the key factors that will probably affect ZEC prices. Guidelines and regulations are nothing new in the cryptoscap, but every other day something happens in relation to governments that want to tighten the supervision of the crypto industry.

A regulatory passage, as China pursues it, has previously negatively influenced the market mood and driven the prices into depth. Zcash, a coin geared towards data protection, is increasingly under the radar of supervisory authorities who are worried about money laundering, tax evasion and other illegal activities. Speaking of data protection and regulation: ZCash wants to revise its network in order to make it even more secure and resistant to spying third -party providers.

However, messages have the power to suddenly influence the markets by dramatically changing the mood. Positive news often leads to a bullish course turn, while negative messages were often the trigger for a meltdown.

global economic or financial crises can continue to affect the price of ZCash in the future. Krypto has often benefited from the economic prospects of leading economies in the world. When countries like after Coronavirus pandemic to print money, panic is used in the traditional markets because capital is redirected into cryptocurrency. Money could also flow into other ZEC assets and affect prices.

Please note that the above -mentioned article is a purely opinion -based contribution based on relevant available data. It should not be considered direct investment advice.