Will $ZEC hold the 961.07 support zone after this sharp -9.66% pullback? 📉
ZECUSDT is currently trading at 988.23, pulling back sharply and sitting relatively
close to the crucial 961.07 support level.
Looking at the technical setup, the price is sitting well below both the EMA20 at 1116.82 and the EMA50 at 1189.46, indicating strong downward pressure in the short term. The MACD shows -69.14 with the signal line at -51.57, confirming bearish momentum.
Meanwhile, the RSI has plunged to 20.72, reflecting deeply oversold conditions. While this extreme reading does not guarantee an instant reversal, it does highlight a potential reaction zone if sellers exhaust themselves near support.
Resistance overhead sits at 1290. If the 961.07 support fails to hold, the setup becomes invalid and further downside risk could open up.
Are you looking to buy the dip here, or waiting for confirmation? Let me know your plan below! 👇
#ZEC #CryptoAnalysis #TechnicalAnalysis
Follow me for more updates 🔔
ZECUSDT is currently trading at 988.23, pulling back sharply and sitting relatively
close to the crucial 961.07 support level.
Looking at the technical setup, the price is sitting well below both the EMA20 at 1116.82 and the EMA50 at 1189.46, indicating strong downward pressure in the short term. The MACD shows -69.14 with the signal line at -51.57, confirming bearish momentum.
Meanwhile, the RSI has plunged to 20.72, reflecting deeply oversold conditions. While this extreme reading does not guarantee an instant reversal, it does highlight a potential reaction zone if sellers exhaust themselves near support.
Resistance overhead sits at 1290. If the 961.07 support fails to hold, the setup becomes invalid and further downside risk could open up.
Are you looking to buy the dip here, or waiting for confirmation? Let me know your plan below! 👇
#ZEC #CryptoAnalysis #TechnicalAnalysis
Follow me for more updates 🔔
