📊 Market Update: ZEC/USDT (15m Chart)
Zcash (ZEC) is currently showing signs of consolidation after a recent rejection at the local resistance level Here is a breakdown of the current price action
🔍 Technical Observations
Current Price: $361.26 (+0.48%)
Resistance Zone: The price recently peaked at $369.10, where it met significant selling pressure, leading to a series of bearish candles.
Support Level: Local support is currently holding around the $355 - $360 range. A break below this could see a retest of the 24h low ($352.48).
Volume Analysis: We saw a peak in volume during the midday rally, but volume is currently tapering off, suggesting the market is waiting for a clear directional signal
💡 Trading Strategy
Bullish Scenario Look for a clean breakout and candle close above $370 to confirm a continuation of the uptrend toward the 24h high
Bearish Scenario If the price fails to hold the $360 psychological level, we may see a pullback toward the $352 support zone
