Zcash Price Retreats to Key Support Zone
- Price Decline: Zcash (ZEC) traded near $412 on June 24, down approximately 15% from its June 18 high of $500, indicating a resurgence of selling pressure as investors reassess long-term trust in the privacy coin.
- Security Flaw Impact: The revelation of a critical soundness flaw in Zcash’s Orchard shielded pool, which was patched through an emergency upgrade, continues to weigh on sentiment as uncertainty remains about whether the flaw was exploited, prompting several high-profile holders to reduce their exposure.
- Unfavorable Market Conditions: Bitcoin's recent breakdown below key support zones has triggered widespread liquidations in the derivatives market, reducing risk appetite among traders and diverting capital towards yield-generating assets and AI-related equities, further intensifying selling pressure on Zcash.
- Bearish Technical Indicators: Zcash failed to hold above the 0.618 Fibonacci retracement level at approximately $494, with current prices retreating to the $401 support zone; a break below this level could expose further declines towards $343, as market sentiment remains firmly bearish.
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Technical Analysis for ZEC
Technical Sentiment Analysis for Zcash (ZEC). As of , Zcash (ZEC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ZEC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ZEC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Zcash (ZEC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 258.941 | 332.646 | 396.871 | 470.576 | 534.801 | 608.506 | 672.731 |
| Fibonacci | 332.646 | 385.335 | 417.886 | 470.576 | 523.265 | 555.816 | 608.506 |
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