Zcash Dodges a 34% Crash as Dip Buyers Step In — Clean Save or Temporary Pause?
Zcash narrowly avoided a 34% crash due to strong dip buying, though the underlying bearish pattern remains a threat.Summary
Zcash (ZEC) narrowly avoided confirming a bearish head-and-shoulders pattern on the 12-hour chart that projected a 34% drop, as buyers aggressively stepped in near the $359 breakdown level, creating a long lower wick.
Technical indicators show a potential short-term bounce signaled by a bullish divergence between price (lower low) and the RSI (higher low). However, this support is fragile; a close below $335 would invalidate the signal and reopen the downside.
On-chain data indicates that while whales increased holdings, the aggressive spot exchange accumulation seen previously has slowed significantly, suggesting current buying is defensive dip buying rather than urgent conviction. The critical defense zone is $350-$359; holding above this delays the crash, but a sustained rally requires breaking above $450, with the bearish pattern only fully invalidated above $559.
(Source：BeInCrypto)