Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The market is mainly red on the first day of the weekend, according to CoinMarketCap.
ZEC/USD
The rate of Zcash (ZEC) has fallen by 3.60% over the last 24 hours.
On the hourly chart, the price of ZEC is going down after a false breakout of the local resistance of $472.59. If bears' pressure continues, one can expect an ongoing drop to the $438 support.
On the bigger time frame, the picture is more bearish than bullish as the rate remains near the support level.
If buyers cannot seize the initiative, there is a high chance of a more profound decline to the $400 area.
From the midterm point of view, the situation is similar. If a breakout of the $440 level happens, the accumulated energy might be enough for a move to the $350-$400 range.
ZEC is trading at $456.60 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team