It is no secret that the market of cryptocurrency is undergoing huge changes. I’ve been monitoring the market closely and trying to find ways to make money with the crypto coin I love. The reason why I’m writing this is because I want to share with you my analysis of ETH, ADA and ZEC. I’m convinced that all 3 of them are going to go down in the next few months.
Dear Bit-Bay readers, I have noticed that the price of Zcash (ZEC) and Ethereum Classic (ETC) are in the bearish zone today. As I have been following this market for a while now, I have been noticing that when a coin is in the bearish zone, it means there is a weak support level near the current price, and that a fall in price is likely to happen. In this post, I will explain the reasons behind the bearish market condition of ZEC and ETC. **I take no responsibility for your actions**
Ether, Cardano and Zcash are trading in the red ahead of the weekend, and bearish sentiment is expected to continue for the next few days.
The cryptocurrency market has been in a downward trend in recent weeks. Given the developments of the past week, it is likely that the downward trend will continue in the coming days. Bitcoin dropped below the $33k level after attempting to break through the $35k resistance point a few days ago.
Ether, Cardano and Zcash have fallen 2% or more in the past 24 hours. If there is no significant recovery in the coming days, the trio could suffer further losses or remain in bearish territory until the weekend.
ETH price forecast
Ether is the best performing of these three cryptocurrencies and the only one to have a positive net week. The ETH/USD pair rose less than 1% last week after the second-largest cryptocurrency by market cap broke through the $2,000 mark.
ETH/USD chart. Source: Coincide
After hitting the $2,400 mark earlier this week, Ether has lost momentum and is now trading just above $2,100. The decline may continue into the weekend, although some technical indicators, such as the MACD line, are showing an upward trend. The RSI is about to enter oversold territory, indicating that the bears are in control.
However, a market rally could cause Ether to reverse its trend and attempt to recapture the $2400 level. A move above this level can only occur if there is strong support from the broader market.
ADA price forecast
Cardano is currently one of the most exciting projects in the crypto space, which is reflected in its market position. The fifth-largest cryptocurrency is also in bearish mode, having fallen nearly 2% in the past 24 hours.
ADA/USD chart. Source: Coincide
The ADA/USD pair is stuck below the $1.50 level and could continue to trade in this area over the weekend. Technicals currently point to bearish momentum, as ADA is currently below its 100-day SMA ($1.38855).
A move above the 100-day SMA could see ADA try again over the weekend to reach $1.50. However, it will need the support of the broader market to move beyond this level.
ZEC price forecast
Zcash is the worst performer among these three cryptocurrencies, falling nearly 10% in one week. The ZEC/USD price could fall below $100 in the coming days if the current trend continues. As in other cases, all of its technical indicators are currently trending downward.
ZEC/USD chart. Source: Coincide
Any upward movement will depend on the behavior of the market as a whole. A market rally could help the ZEC break through the $120 level.
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