Zcash (ZEC) Nears Its Last Bullish Support After a 21% Crash — Will the Uptrend Survive?

Zcash (ZEC) has crashed by about 21% in 24 hours, extending its seven-day loss to nearly 33%, although its three-month gain remains over 780%. Currently, ZEC is trading at the critical lower trend line of a bullish channel that has guided its price since September; maintaining this support is essential to keep the long-term uptrend alive.

Two internal metrics suggest selling pressure might be easing: the Relative Strength Index (RSI) is near oversold levels, mirroring a past setup before a rally, and the Chaikin Money Flow (CMF) is curling upward after a sharp drop, indicating potential large buyer re-entry. However, these positive signs are contingent on the price holding the channel support.

The correlation between ZEC and Bitcoin has recently turned mildly positive, contributing to the short-term drop. Key price levels are crucial: a daily close below $348 breaks the channel and targets $309, with $230 as the next major support. A break below $230 could lead to further lows, echoing Max Keiser's prediction of a drop to $55. For ZEC to regain strength, it must reclaim $592, the 0.618 Fibonacci level.

(Source：BeInCrypto)