Zcash (ZEC) is under short-term pressure as the price approaches a key support zone, drawing attention from the market. ZEC has been decoupling from the broader crypto market, making technical levels increasingly important.
At the time of writing, ZEC is trading at $375.2, down 3.96% over the last 24 hours, with a 24-hour trading volume of $1.52 billion and a market capitalization of $6.12 billion. Despite the recent decline, the ZEC continues to attract attention as investors watch for potential support and resistance zones.
Popular crypto analyst Tryrex highlighted that the $375 area at present offers the best opportunities for long positions. As the analyst has indicated, ZEC has adhered strictly to levels of resistance and support in the market in the last couple of weeks.
However, Tryrex also emphasized patience by saying that he would like to see one more clear confirmation before he considers an entry, and shared a setup as an idea rather than as an opportunity.
From a technological perspective, the important resistance level for ZEC in the coming periods will be $440. This area has been a major barrier in the past, and any attempt above it will encounter sell pressure in this region.
Breaking out past $440 could be a sign that momentum is shifting, which could pave the way for a stronger rebound. For now, ZEC could continue to have recovery issues.
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Meanwhile, another analyst named GainMuse noted that the increasing downside risks. He pointed out that the price pressure is slowly building as ZEC moves lower in the constricting price range.
These types of formations are usually seen before a strong price movement, and if the selling momentum keeps building around the current level of the breakdown, the price may move down to the lower support levels.
Overall, Zcash is at a crucial point, and its market movement is based on important technical levels. Although market volumes indicate strong interest in it, its short-term market movement is dependent on whether it can hold support at $375 or if it will move lower.
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