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The market is back to the green zone, according to CoinMarketCap.
ZEC/USD
Zcash (ZEC) has failed to keep up with the rise of other coins, falling by 5.83% over the past day.
On the hourly chart, the price of ZEC is in the middle of the local channel, between the support of $314 and the resistance of $354. However, most of the daily ATR has passed, which means traders are unlikely to see any sharp moves by tomorrow.
On the longer time frame, the picture is less bullish, as the rate of ZEC has not bounced off far from the support of $298.
However, the volume has increased, which means there is a chance to witness increased volatility by the end of the week.
From the midterm point of view, one should focus on the weekly candle's closure in terms of the $298 level. If it happens around it or below, the accumulated energy might be enough for a further decline to the $200-$250 zone.
ZEC is trading at $344.90 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team