Zcash, NEO and Waves Price Analysis: 09 December

ZEC had taken on a bullish price action right after developers announced their plans of transitioning into the proof-of-stake mechanism. The December 4 crypto crash, however, was a considerable jolt to the broader crypto market and for coins to display movements, support from the broader market remains absolutely necessary. Most altcoins have been witnessing sideways trading, ZEC happens to be one of them.

ZEC/USD Chart In The 4-hour Time Frame

Continued lateral trading along with market weakness has caused ZEC to move downwards. At press time the coin was available for $165.83, it had lost 7.4% over the last 24 hours. Immediate support for the coin was at $157.41, failing to rest over which the altcoin would be priced at $144.47. The technical outlook remained bearish.

The price of the coin was seen below the 20-SMA, a reading that means the market was dominated by sellers. In correspondence, the Relative Strength Index was parked underneath the half-line into bearish territory, which pointed that buyers have exited the market.

Awesome Oscillator flashed a small red histogram in accordance with the bearish price movement of the coin.

NEO/USD Chart In The 4-hour Time Frame

NEO lost 8.7% over the past day and was trading at $28.37. The immediate support level for NEO was at $26.76, continued southbound movement could make the coin trade near that particular price level over the upcoming trading sessions. Technicals on the 4-hour chart seemed bearish.

Buying strength has remained in the negative zone for the last couple of weeks, a weakened buying pressure could further cause prices to dip. On the Relative Strength Index, the buying pressure was parked beneath the half-line.

Chaikin Money Flow also depicted the loss of capital inflows as the indicator was below the zero-line. Price was below the 20-SMA line which also highlighted that sellers dominated the market.

WAVES/USD Chart In The 4-hour Time Frame

Waves was exchanging hands for $17.42 at the time of writing and it had registered an 8.9% fall over the last 24 hours. The technical outlook for Waves was bearish as the coin hadn’t made a significant bounce back from the crash on December 4. The immediate price resistance for the coin was at $20.35 and the local support level stood at $16.39.

Relative Strength Index was parked underneath the half-line which meant that sellers surpassed the buyers in the market. Capital inflows had also taken a dip as seen on the Chaikin Money Flow. MACD flashed bearish crossover with the presence of red histograms highlighting negative price action.

In the event of Waves breaking over its immediate resistance, it could find itself trading near $23.79.

The post Zcash, NEO and Waves Price Analysis: 09 December appeared first on Coingape.

Source: https://coingape.com/zcash-neo-and-waves-price-analysis-09-december/

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