ARTICLE BODY:
Zcash Falls Below $1000 For First Time Since September! What Next?
The privacy coin king $ZEC has finally taken a big correction. After pumping hard for weeks, ZEC is now trading below the psychological $1000 level.
Why Did ZEC Fall?
1. BTC Correction: Bitcoin dropped from $75K to $73K, entire market is in red.
2. Profit Booking: Many investors who bought at $600-$700 are booking 40%+ profit.
3. Resistance at $1100: ZEC failed to break $1100 three times, so a pullback was expected.
My Technical Analysis:
- Support 1: $950 - Very strong support, buyers are waiting here.
- Support 2: $880 - If $950 breaks, this is the last defence.
- Resistance: $1050 and then $1120.
I personally think this dip is healthy. Privacy coins narrative is still strong. Zcash is still one of the best privacy projects.
My Plan:
I am not panicking. I will start DCA (buying small) from $950 to $880. My target for next leg is $1250-$1350.
This is not financial advice, just my personal opinion. Please do your own research.
What do you think? Is ZEC a BUY at $980 or will it go to $880?
Comment your target below! Let's discuss.
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