Zcash (ZEC) is currently trading at $353, having fallen by 2.96% in a day. However, the overall structure of the token remains intact, its weekly performance remains robust, and prices remain above an important level of support.
According to CoinMarketCap data, Zcash recorded a decline in both price and activity over the last 24 hours. Trading volume fell 4.76% to $681.15 million. Despite this, the token posted a 24.22% gain over the past seven days.
Also Read: Zcash (ZEC) Builds Bullish Structure as Traders Eye $450 Resistance Target
ZEC Bullish Setup Signals Higher Targets
Crypto Patel, an analyst, highlighted a bullish continuation setup on the daily timeframe. The chart shows a strong displacement from recent lows. This move confirms a shift in market structure from bearish to bullish.
Price continues to hold above the CISD level, which now acts as a support zone. This level defines the current continuation range. A breakaway gap on the daily chart adds further confluence to the structure.
The setup is favorable for liquidity above current price levels. That makes it easy to see upside targets if the structure holds. Short consolidation or a slight retracement near support is expected by analysts before continuation.
Targeted at $404.98, $449.26, and $481.58 These levels correspond to areas of visible liquidity on the chart. The move towards these targets awaits being sustained above the defined support area.
The bullish view stays intact as long as the price does not close below $342.50 on a daily basis. A drop below this level would invalidate the setup. That would signal a shift in the short-term structure.
According to the CoinLore data, the price is supported around $343.28, whereas resistance can be found at $373.95. There are additional resistance zones at $383.66 and $401.68. Historical data shows that the next support comes at $330.47 if the price continues falling.
ZEC Futures Activity Drops, Longs Face Pressure
CoinGlass derivatives data indicates decreasing market activity. Open interest has decreased by 4.67% to reach $639.36 million. The trading volume also fell 8.95% to trade at $1.71 billion.
The OI-weighted funding rate is 0.0039%. The positive value indicates a small long bias in the futures market. However, the decreasing market activity indicates lack of conviction.
Liquidation data indicates $5.36 million in total liquidations during the past 24 hours. Long positions contributed $3.54 million, while short positions surged to $1.82 million. This means pressure is right up on longs during the pullback.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bitcoin (BTC) Holds $74.5K as Markets Await Key Inflation Data
Be the first to comment