Zcash (ZEC) Price Faces Uphill Battle to Close Gap With November Peak
Zcash price is struggling amid bearish pressure, needing significant momentum to recover to its November highs.Summary
Zcash (ZEC) price is facing an uphill battle to recover after a steep decline pushed it below $350, with its broader trend remaining weak compared to November's peaks. Technical indicators suggest persistent bearish pressure; the Relative Strength Index (RSI) is in the negative zone, indicating a lack of buying control, while the Chaikin Money Flow (CMF) shows persistent capital outflows, signaling declining investor confidence.
Currently trading around $363, ZEC must hold the $344 support level to attempt a near-term rally toward $442. However, revisiting the November high near $750 would require a 101% rally, which seems unlikely given the current cautious market sentiment and high volatility. Failure to maintain support could see ZEC drop to $300 or $260, deepening the current downtrend.
(Source：BeInCrypto)