📉 $ZEC /USDT: Is the Bottom Near or More Pain Ahead?
Zcash ($ZEC) is currently navigating a tough bearish wave. Looking at the 1D chart, here is the breakdown:
1. Bearish Momentum: The price is currently at 323.84, trading significantly below the short-term and long-term Moving Averages (MA(7), MA(25), and MA(99)). This confirms that the sellers are still in control.
2. Key Levels to Watch:
Immediate Support: 320.73 (Recent 24h Low). If we break this, the next psychological support might be much lower.
Resistance: To see a recovery, ZEC needs to reclaim the 355.00 level (MA(7)) to flip the short-term sentiment.
3. Long-term Perspective:
While the 30-day performance is down by -36%, don't ignore the massive 618% gain over the last year. We are currently in a deep correction phase—often where the most patient "diamond hands" look for entries.
Strategy: Wait for a "Green Engulfing" candle or a trend shift on the 4H chart before jumping in. High volume at these levels suggests a battle between bulls and bears.
What’s your move? 🚀 Buying the dip?
🛡️ Holding steady?
📉 Waiting for lower levels?
Let me know in the comments! 👇
#zec #Zcash #CryptoAnalysis #BinanceSquare
