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The weekend has started with a continued market correction, according to CoinStats.
ZEC/USD
The price of Zcash (ZEC) has declined by 2.13% since yesterday.
On the hourly chart, the rate of ZEC is looking bearish. If a breakout of the local support at $399.43 happens, the drop is likely to continue to the $390 zone soon.
On the bigger time frame, there are no reversal signals yet. If the daily candle closes around the current prices or below, traders may witness a test of the $370-$380 range over the next few days.
From the midterm point of view, the situation is similar. If the bar closes below the $371 level, the energy might be enough for a further decline to the $300 zone.
Such a scenario is relevant until the end of the month.
ZEC is trading at $399.52 at press time.
Denys Serhiichuk
Tomiwabold Olajide
Godfrey Benjamin