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The rates of most of the coins are in the green zone today, according to CoinStats.
ZEC/USD
Zcash (ZEC) is the exception to the rule today, falling by 0.5%.
On the hourly chart, the rate of ZEC is near the local support of $491.52. However, if a bounce back does not occur and the daily bar closes near that mark, one can expect a level breakout, followed by a further drop to the $480 zone.
On the longer time frame, the price of ZEC remains under sellers' pressure.
If bulls lose the $500 zone, the accumulated energy might be enough for a more profound decline to the $400-$450 range.
From the midterm point of view, one should focus on the weekly bar's closure in terms of the previous candle low at $475. If bulls cannot seize the initiative, one can expect a test of the $400 mark soon.
ZEC is trading at $504 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team