Needs +59% to return… Is the market ready?
After a strong drop in November, the value of ZEC has decreased by more than 55%, a spark of optimism has emerged again with a recent rise of 40%. But the picture is not entirely rosy:
🔹 The RSI index returned above the 50 level, reflecting improved sentiment… but the rise alone is not enough to confirm a strong bullish reversal.
🔹 The negative correlation with Bitcoin (-0.47) creates a state of uncertainty:
The rise of Bitcoin may pressure ZEC.
The decline of Bitcoin may allow ZEC to rise independently.
🔹 The current price is at $439 under critical resistance at $442:
Breaking it could push towards $520.
Failure could bring the price back to $403 and perhaps $340.
⚠️ To recover all losses from November, Zcash needs a jump of about 59% to reach $700… a tough road, but it's an attempt worth following.
