The $ZEC chart is flashing red as the privacy giant pulls back sharply from recent highs. After a huge move, the correction is in full swing, and bulls are now fighting to hold a key level.
What to Watch:
Critical Support: The current price of $337.46 is hovering just above the previous December low (around $301.14). Holding this area is crucial to prevent a deeper retracement.
Bearish MA Cross: The shorter-term Moving Averages have officially crossed below the longer-term MA(99), cementing the short-term bearish momentum. These MAs will now serve as overhead resistance.
Privacy Narrative: While the chart looks rough short-term, remember that Zcash is a pioneer in zk-SNARKs and shielded transactions—a key long-term fundamental driver for those who value privacy in crypto.
Is ZEC finding its floor, or is more downside consolidation needed? Traders should eye the $300 zone closely for signs of a reversal or a break.
#ZEC #PrivacyCoin #Binance #Tradewithcaution #zkSNARKsRevolution @Zcash Official
