šØ CRASH WARNING? $ZEC Price Action at a 3-Week Breaking Point! š
Zcash, the original privacy coin, is sitting on a knife edge! After a brutal 718 to 470 drop, the price attempted a bounce but is now violently rejecting a cluster of key moving averages. This tight resistance zone is the ultimate battleground: failure here means a re-test of the lows, but a successful breach could ignite a massive short-squeeze.
š Technical Outlook
The 4-hour chart confirms ZEC is trapped below major resistance.
š MAs: The current price of 534.17 is trading under all short- and long-term MAs. The MA(7) at 558.28 and the MA(25) at 570.71 are overhead obstacles, but the primary threat is the MA(99) at 589.93.
āØ MACD: Momentum is struggling to turn positive. The MACD value is a weak 0.99, with the DIF at -14.41 trying to cross the DEA at -15.39. This shows bulls lack conviction right at the critical price level.
š Trade Setup: High-Risk Rejection Short
Given the clear rejection by multiple MAs, the risk/reward slightly favors a short-side trade until ZEC proves it can hold above 590.
š Bias: SHORT (Continuation of down-trend)
šÆ Target 1 (TP1): 512.43 (Immediate support level)
šÆ Target 2 (TP2): 470.32 (The recent swing low.. the magnet)
š Stop-Loss (SL): 599.49 (A tight stop above the 24-hour high and MA(99).)
The important thing for ZEC is the 589.93 MA(99) resistance. As long as the price trades below this key level, the bearish pressure from the recent drop remains intact, making 470 a likely target. A massive close above 599 is required to invalidate this setup and signal a true bullish reversal.
š” Tip
Trade the trap! Short sellers are looking to defend 589.93 aggressively. Wait for a clear rejection candle at that resistance before entering short, or wait for a strong, high-volume break above to consider a long.
