Zcash price continued its decline in the last 24 hours and fell below $ 500. In the market where sellers gained weight again, ZEC was traded at $ 477.01 at the time of writing. While the daily loss was 4.44%, the trading volume reached 685.16 million dollars and the market value reached 8.01 billion dollars. Zcash accounted for 0.37% of the total cryptocurrency market.
Support levels are monitored in the short term
Cryptocurrency analyst Team LAMBO states that the Zcash price reached the $480 region, which is the first downside target, after falling below the $500 resistance. According to the analyst, the next closest support level is around $460.
Team LAMBO states that if the $460 support is broken, the decline may deepen and the next important support area may occur at the $360 level. This region stands out as the area where strong purchasing interest was seen in the previous period.
Team LAMBO evaluates that the $480 target is working for Zcash, which remains below $500, and the $460 support is decisive in terms of short-term direction.
Previous breakout supports long-term outlook
Despite short-term weakness, the technical outlook is not all negative. ZEC broke the $528.75 resistance before the recent correction. This level corresponded to both the peak of the previous wave and the 61.8% Fibonacci retracement level of the downward movement that started in May.
In technical analysis, Fibonacci retracement is known as a tool used to measure possible support and resistance areas based on the previous movement of the price. The 61.8 level is considered one of the main thresholds that investors follow closely.
Mini dictionary: Fibonacci retracement is a technical analysis method used to identify possible intermediate stops in price movements. Especially the 61.8% level is among the frequently watched support and resistance areas in the market.
This break is considered a positive signal indicating that the short-term upward wave continues. In this context, the main upside target remains at $674. The region in question worked as resistance in May.
The search for direction in the market continues
The current chart reflects the divergence in technical indicators. Some analysts expect an additional pullback if nearby supports are lost. In contrast, some market participants think that the previous upward breakout may leave room for a new recovery attempt once the selling pressure weakens.
Maintaining the $460 support may strengthen the search for balance in the Zcash price; Falling below this level may bring the $360 region back to the agenda.
It will be closely monitored whether the $460 support can be defended in the next few trading sessions. If this region is maintained, the price may move towards the $528.75 resistance again. If the support level is broken significantly, the market’s focus may shift to lower areas.
