Zcash (ZEC) Crashes 8%: Is $330 the Next Stop Before a Massive Rebound?
Zcash (ZEC) lost ground as larger market volatility spread among key altcoins, resulting in smaller swings of several high-volume pairs. Liquidity changed throughout the session and affected the price action through several intraday periods. A significant drop in ZEC followed this broader directional pullback.
At the time of writing, ZEC is trading at $368.97 following a decline of 7.95% on the previous day. The trading volume increased 46.18% and currently stands at $543.56 million. Over the last week, the ZEC coin price has gone down by 7.57%, with the market capitalization at $6.08 billion.
Source: CoinMarketCap
ZEC Holds Below Weekly Average as Momentum Weakens
Analyst 0xWhale highlighted that ZEC was trading below its average price per week on a second consecutive day, which illustrated that the current movements to the upside were weak. The RSI was also approaching the oversold region on the 4H chart, indicating that the strength of the short-term movement was still low.
The focus has been on the support area of $360-354, being an important response area in the past. A drop towards the $331 to $329 area is still possible given that the current pressure is kept, and the action within these ranges will either cause permanent weakening or temporary stabilization of the structure.
Source: X
Crypto analyst GainMuse mentioned that ZEC is still floating in a tighter structure, and that did not allow upside but emphasized increasing pressure in the breakdown area. A clear move above this tightening trend will determine whether the next stage will result in a more prolonged stay or a rebound recovery.
Source: X
Also Read: Zcash Accumulation Rises as Whales Withdraw Nearly 4,000 ZEC From Exchanges
RSI and MACD Stay in Negative Territory
The Relative Strength Index (RSI) revealed obvious weakness on the daily chart. RSI was at 38.56, and the RSI-based moving average was at 42.80. The momentum is still below the neutral range, and ZEC is still in a soft zone with no indication of retaining strength.
The Moving Average Convergence Divergence (MACD) was also bearish. The MACD line was below 20.11, and the signal line is below 12.43, which has put the histogram below zero, giving the confirmation that the movement was downward. This arrangement did not record any tested changes toward an upside reversal.
Source: TradingView
ZEC Volume Surges as Open Interest Declines
According to CoinGlass data, the trading volume has increased by 76.01% to 1.74 billion. Open Interest has declined by -9.04% to $704.64 million. The ZEC OI-Weighted Funding Rate is -0.0658%.
Source: CoinGlass
The token is currently trading at critical reaction levels, and future movements will determine whether it will find support or move into deeper areas in the upcoming phase.
Also Read: Pump.Fun (PUMP) Price Prediction Shows 500% to 1000% Upside After Breakout
You May Also Like
Unleash Potential: Flare Network’s FXRP Revolutionizes DeFi Access for XRP
Fed Lowers Rates By 25bps: How Bitcoin And Crypto Prices Responded And What’s Next
