- During the US open session, the DASH/USD is on a bullish run at the 149 level, adding 1.65% for the day.
- Powell: There’s no reason to believe the fundamental disinflationary reasons have suddenly turned, and inflation is likely to continue to be a drag.
- Forex trading participants may look for a buy trade above the $140 level to the target of $150 and $153
During the US open session, the DASH/USD is on a bullish run at the 149 level, adding 1.65% for the day. The day before, the ZEC/USD closed at $144.15 after placing a high of $165.09 and a low of $143.28. Previously, the ZEC/USD dropped sharply after the leading cryptocurrency BTC/USD turned the market sentiment bearish. If you are wondering what to expect and where to buy ZCASH, let’s find out below…
Bearish Bias in BTC Weights on ZCash
The BTC/USD faced strong resistance in the trading session when the Google Trend suggested a decline in the number of searches for the word “Bitcoin” to a nine-month lowest level. The results depicted a declining interest of investors in Bitcoin, and this weighed heavily on BTC/USD that it dragged the whole cryptocurrency market sentiment with itself.
The ZEC/USD also followed the market trend and closed below the $145 level during the previous trading session. Two months ago, Zcash Open Major Grants (ZOMG) announced that it was awarding the privacy-focused Tor Project a $670,000 grant to continue developing Arti.
A project that will make the Tor client more adaptable and easier to use by third parties. The project will simplify third parties’ customization and embedding of the Tor Client than the current implementation in the C coding language implementation. The C coding will be shifted to Rust coding, which is a coding language that developers use to create software.
This project integration improved the Zcash network and will attract more clients for software development. Hence, the Zcash token ZEC started to gain in value.
A stronger US dollar dragged the ZEC/USD pair down.
The prices of ZEC/USD dropped amid the rising prices of the US dollar ahead of the Jackson Hole symposium. The greenback was higher on board as traders were more optimistic about tapering asset purchases despite dismal macroeconomic data amid the news that the US FDA fully approved the Pfizer vaccine. The US Dollar Index (DXY) rose to 93.08 and added weight to ZEC/USD as both share a negative correlation.
Powell: Monetary Policy in the Time of Covid
The declining prices of the currency pair DASH/USD were also because of the rising prices of the US dollar. The greenback advanced after the US Dollar Index surged to 93.08 ahead of the Jackson Hole symposium. The increasing US dollar price added weight to the ZEC/USD cryptocurrency because it negatively correlates.
The Federal Reserve‘s Powell: there’s no reason to believe the fundamental disinflationary reasons have suddenly turned, and inflation is likely to continue to be a drag. As a result, the dollar is showing a mixed performance.
The University of Michigan released the Revised UoM Consumer Sentiment. However, the data is flat at 4.6%, and it has not shown any changes to the dollar so far.
Dash Price Prediction – Technical Levels
Support Resistance
136.59 158.40
129.03 172.65
114.78 180.21
Pivot Point: 150.84
ZEC/USD Gains Support Over $140 – Where to Buy ZCash?
The ZCash price prediction remains bullish above the support level of $140.59. On the 4-hour chart, the ZEC/USD pair’s upward trendline is extending solid support at the $140.59 level. Closing the bullish engulfing pattern above $140.59 supports strong odds of an upward trend in the ZEC/USD pair.
On the bullish side, the ZEC/USD pair may find the next resistance at the $150 level, which marks the 38.2% Fibonacci correction level. Further, on the bullish side, a bullish crossover at this level could lead the ZEC/USD towards $152 and $155 levels. These are 50% and 61.8% Fibonacci correction levels. On the other hand, the breakout of the $140 support zone could trigger a strong selling trend until the 135 support level.
On the 4 – hour chart, the 50 day EMA (Exponential Moving Average – Red Line) is extending resistance at the $150 level, signaling a selling bias. Furthermore, the Stochastic RSI indicator is holding in a buy zone. Thus, the chances of a bullish trend will be solid upon the 50 EMA bullish crossover.
Hence, forex trading participants may look for a buy trade above the $140 level to the target of $150 and $153. Alternatively, traders can place a sell-stop below $140 to target the $135 level. All the best.
Where to Buy ZEC/USD?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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