📊 Top crypto price predictions: Zcash, Cardano

The crypto market remained on edge today, June 5, with Bitcoin and most altcoins being in the red. The valuation of all coins retreated by 1.68% in the last 24 hours to $2.1 trillion. This article provides a forecast for top tokens like Zcash (ZEC), Cardano (ADA)

🔸 Zcash price technical analysis

Zcash price has slumped in the past few days, moving from a high of $685 on May 20th to the current $400. It has slumped in the past two consecutive days, erasing millions of dollars in value.

This retreat happened as the privacy token formed a head-and-shoulders pattern, a common bearish reversal sign in technical analysis. It has slumped belows the Major S/R Pivot Point of the Murrey Math Lines tool. It is now hovering at the Strong, Pivot, Reverse level.

The coin has already moved below the 50-day moving average, a sign that bears have prevailed. Also, the Average Directional Index (ADX) has continued to rise this week.

Therefore, the token will likely continue falling as sellers target the psychological support at $300. However, on the positive side, it is likely forming the handle section of the cup-and-handle pattern, which normally leads to a rebound.

🔸 Cardano price prediction

Charles Hoskinson’s Cardano token remains under intense pressure this week as the crypto market crashintensifies. It dropped below the important support level at $0.2330, its lowest point in December 2022, June 12, and September 2023. Losing that support was a sign that bears have prevailed.

The token has now crashed to a record low and has remained below the 50-day moving averages. Also, the momentum is accelerating amid the broader market weakness, while the coin has formed a head-and-shoulders pattern.

Coupled with its weak fundamentals, where Cardano is widely seen as a ghost chain, we can predict that the token will continue falling. If this happens, it will drop below the key support level of $0.100.