Battle Lines Drawn for Zcash (ZEC): Can Bulls Defe
Zcash price is holding within the $469 threshold.
$ZEC falls into neutral to slightly bullish momentum.
Zcash ($ZEC) is attempting to escape the bearish barrier, displaying a bullish trait on the chart. Over the last 24 hours, the asset has registered a 4.82% gain in value. In the morning hours, it traded at $444.72, and with the bullish shift in the $ZEC market, the price has tested a few crucial resistance ranges and climbed to a high of $477.61.
At the time of writing, Zcash trades within the $469.51 zone, with its daily trading volume having plunged, and reaching the $451.32 million threshold. Also, it’s worth noting that the $ZEC market has experienced an event of 24-hour liquidation of $2.96 million, as reported by the Coinglass data.
The recent price charts of the $ZEC/USDT pair reveal the chance of being in both the red and green zones. If the current spike in price action strengthens, the immediate resistance would be at $470.65. With more pressure on the upside, the bulls might form the golden cross, likely sending the price up above $472.38.
On the flip side, assuming the Zcash bears take charge, the price might retrace and test the nearest support at the $468.22 level. Further downside correction could strengthen the momentum, potentially, and initiate the death cross to take place. It may eventually drive the asset’s price even lower, below $466.39.
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