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The rates of most of the coins remain in the red zone today, according to CoinMarketCap.
ZEC/USD
ZEC is an exception to the rule as its price has risen by 7.42% over the last 24 hours.
On the hourly chart, the price of ZEC has made a false breakout of the local support of $489.41. However, if the daily bar closes near that mark, bears may again seize the initiative, which may lead to a test of the $470-$480 range.
On the longer time frame, the rate of ZEC has also bounced off the support of $440. But the price remains far from key levels, which means none of the sides is dominating.
In this case, sideways trading in the area of $450-$550 is the most likely scenario.
From the midterm point of view, the situation is similar. The price is in the middle of the wide channel, between the support of $298 and the resistance of $750. The volume has dropped, which means traders are unlikely to witness sharp ups or downs.
ZEC is trading at $501 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team