Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls are back in the game on the first day of the weekend, according to CoinStats.
ZEC/USD
Unlike most other coins, the rate of ZEC has declined by 23.59% over the last 24 hours.
On the hourly chart, the price of ZEC is near the local support of $528.55. If a bounce back does not happen, traders may see a further drop to the $500 zone by tomorrow.
On the bigger time frame, bulls have failed to maintain growth after yesterday's bullish candle.
If the daily bar closes near the $525.17 level, the correction is likely to continue to the $450-$500 range. Such a scenario is relevant for the next few days.
From the midterm point of view, one should focus on the weekly bar closure in terms of its peak at $750. If it happens far from that mark, there is a chance to see a drop to the $300-$400 zone.
ZEC is trading at $532.38 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team