Zcash (ZEC) Paints Falling Star as Momentum Fades, Toncoin (TON) on Verge of Bullish Boundary, Shiba Inu (SHIB) Price Reset Is Near: Crypto Market Review
#MarketSentimentToday Even though Zcash had one of the biggest rallies in the privacy coin market this month, the most recent candle structure indicates that the movement is beginning to wane. $ZEC now appears to be printing a classic falling star setup on the daily chart after surging from the low $300 region to almost $700 in a matter of weeks. This is a warning sign that buyers may finally be tiring after an aggressive vertical breakout.
Before sellers intervened and forced repeated rejections close to local highs, $ZEC pushed sharply higher into the $680 region. Long upper wicks and waning continuation momentum are common indicators of distribution rather than sound consolidation in the most recent candles.
$ZEC/$USDT Chart by TradingView
Meanwhile, momentum indicators are starting to decline. After being overheated for weeks, the RSI has begun to roll over, but it is still high near overbought territory. This kind of setup has historically been found close to local exhaustion zones, particularly following parabolic runs in which the price exceeds both organic spot demand and moving averages.
The overall trend is still bullish for the time being,
despite the warning indicators. The 20-day
moving average is quickly rising beneath price action in the mid-$500 range, and $ZECis still trading well above all major moving averages.Given how aggressive the most recent trend reversal has been, the 50-day and 100-day moving averages have also recently completed bullish recoveries following months of weakness.However, vertical rallies seldom last forever without a reset. Bulls have a problem because momentum chasing, rather than steady
accumulation, accounted for a large portion of
$ZEC's recent growth. Volume skyrocketed
during the breakout phase, but as the price ....