The price of Zcash (ZECUSD) continued to decline in its latest intraday trading, confirming a break of a major descending trendline over the short term. This comes amid ongoing negative pressure as the price remains below its 50-period simple moving average, reducing the chances of any meaningful recovery in the near term. Meanwhile, the relative strength indicators continue to send negative signals despite settling in deeply oversold areas.

Therefore, we expect the price of the cryptocurrency to decline in the coming intraday sessions, targeting the key support level of 470.0 in preparation for breaking it.

Todays price forecast: Bearish