RSI hit oversold and broken from its downtrend. That means that there is some room to the upside, but... Zcash's inflation rate is really high. It has also broken most support lines and the downside seems more probable. I can't see how 1 ZEC could be worth 0.05BTC with such high inflation and no real use cases. Nobody is really using its anonimity feature,...
downtrend is going, but with possibility of rally...
Website www.iodigital.io A small overview of $IOC www.reddit.com i.imgur.com
On the 4-hourly charts ZEC is testing the resistance of the important Ichimoku Base Line, after the Bullish Divergence occurred. Time to hit the Cloud (ie the Kumo) ;)
ZEC's downward trend has been going on practically since it's birth, although it is coming into the end of a wedge at the moment. It has not had a decent pump in a while and it's market cap is still quite low, so this could be a very good opportunity to to go long. The problem is, it could still break out to the down side, so a tight stop loss will be necessary...
Watching this level for any significant demand, could be a nice bounce trade ahead.