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The weekend has started with an ongoing market decline, according to CoinMarketCap.
ZEC/USD
Zcash (ZEC) has lost a lot of value today, falling by almost 19%.
On the hourly chart, the rate of ZEC has made a false breakout of the local support of $479.09. If the daily bar closes far from that mark, one can expect a test of the resistance by tomorrow.
On the bigger time frame, the price of ZEC has bounced off the support of $483. However, if local growth does not happen, there is a high chance of a further drop to the $450 area.
From the midterm point of view, bears are trying to seize the initiative. If the weekly bar closes below the previous candle low, traders may see an ongoing downward move to the $400 zone.
Such a scenario is relevant until the end of the month.
ZEC is trading at $518.34 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team