Zcash (ZEC): Struggling at the threshold of life and death – What is the next scenario?
Zcash (ZEC) has just completed its short-term price target at the $270 range and is striving to perform a technical rebound as expected. The fact that the price has regained the important support level of $310 (the 61.8% psychological measurement level) is an encouraging signal, helping to temporarily prevent a deeper fall towards the $200 mark. However, the overall picture has not completely turned rosy.
Currently, the $330 mark serves as a decisive barrier in the short term. If it cannot soon surpass and maintain above this level, it is highly likely that ZEC will return to test the $270 area once again. A key indicator to watch is the 200-day moving average (200 SMA). That's the situation, if the price continuously closes candles below this moving average, the market will gradually fall into a state of eroded buying power and head towards the $200 mark. To truly shift to a neutral state, we need to see a strong breakout up to the $450 zone – where both the diagonal resistance of the downtrend and horizontal resistance converge. #Colecolen
The biggest lesson here is not to be too "emotionally invested" in the stories portrayed about the project but to focus on what the chart is showing. When you understand the direction of cash flow through the chart, you will inherently understand the story the market is telling. Prioritize strict risk management at these key levels instead of blind expectations. $ZEC
