The price of ZCasas can not be said to recover 40% away
Zcash is trying to recover after more than half its value since November.
The recent 40% rally has brought optimism, but a number of fundamentals suggest Zike will still struggle to make a meaningful recovery.
Zcash is not following bitcoin
The RSI shows that the zcchase track is gaining momentum. The indicator rose to a neutral 50.0 mark, showing confidence in the market, which has not been used for the first time in almost two weeks. If a move into the positive zone usually supports an upward movement of the ZEC, it usually seems to support a further movement of the ZEC.
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However, the complete recovery of the practice in RSI is not guaranteed. The broader market for macroeconomic images, and even small horses in sentiment will influence ZEC incorrectly. A sustained mature push will be necessary to ensure that the current rally does not fail prematurely.
The zcash ratio currently sits at -0.47, reflecting a negative correlation at the time it is starting to show signs of recovery. This difference poses a risk to ZEC. If Bitcoin is higher, ZEC can often limit where the broader market can strengthen.
On the other hand, if Bitcoin loses momentum or spends down, the negative correlation can work in ZEC's favor by allowing the rally to spread independently. This volatility creates uncertainty, depending on the main activity of the ZEC track.
The price of ZEC is trying
If ZEC is below $439 at the time of writing, it is sitting below the key 442 resistance. The recent gain of 40.5% is well known, but it is not enough to cut the 55% crash in November.
For a real recovery zcash is about 59% to reach 700 USD in the coming days. In the short term, a break above $442 can open to $520 if the level converges to support.
Zec could fall to $403 to $340 if a negative Birkon correlation is desired. This destroys the latest rain rally arm and makes a significant point of view.
