All eyes are on $ZEC as it tests a crucial support zone near 994.22 following an 11.75% daily drop.
Current price action sits at 1035.66, bringing it relatively close to this key floor. The technical setup shows heavy downward pressure, with the price trading well below the EMA20 at 1187.79 and EMA50 at 1227.32.
The MACD line at -45.77 is below the signal line at -28.20, confirming ongoing bearish momentum. Meanwhile, the RSI has plunged to 22.35, indicating heavily oversold conditions which could spark a potential relief reaction if buyers step in at support.
Resistance overhead sits at 1297.95 for any meaningful recovery attempt. A decisive breakdown below the 994.22 support level would invalidate this setup and suggest further downside risk. Manage your risk carefully as this is not financial advice.
Are you buying this dip or waiting for confirmation? Drop your thoughts below.
#ZEC #CryptoTrading #TechnicalAnalysis
Follow me for more update 📈
Current price action sits at 1035.66, bringing it relatively close to this key floor. The technical setup shows heavy downward pressure, with the price trading well below the EMA20 at 1187.79 and EMA50 at 1227.32.
The MACD line at -45.77 is below the signal line at -28.20, confirming ongoing bearish momentum. Meanwhile, the RSI has plunged to 22.35, indicating heavily oversold conditions which could spark a potential relief reaction if buyers step in at support.
Resistance overhead sits at 1297.95 for any meaningful recovery attempt. A decisive breakdown below the 994.22 support level would invalidate this setup and suggest further downside risk. Manage your risk carefully as this is not financial advice.
Are you buying this dip or waiting for confirmation? Drop your thoughts below.
#ZEC #CryptoTrading #TechnicalAnalysis
Follow me for more update 📈
