All eyes on the 1123.43 support zone for $ZEC as price pulls back 8.23 percent over the last 24 hours to trade at 1211.82.
The technical setup shows the current price sitting below both the EMA20 at 1242.42 and the EMA50 at 1274.90, reflecting short-term downward pressure. Meanwhile, the MACD line at -8.72 sits below its signal line at -4.76, confirming ongoing bearish momentum.
However, with the RSI cooling down to 43.75, the market is approaching neutral territory rather than deeply oversold conditions. Immediate resistance stands at 1349.30, while the crucial support zone rests down at 1123.43. Traders should watch for potential reactions if price tests this lower boundary.
A break and close below the 1123.43 support level would invalidate this setup and suggest further downside risk. Manage your risk carefully as markets remain volatile.
Are you expecting a bounce from this support level or a deeper correction? Let me know below.
#ZEC #CryptoTrading #TechnicalAnalysis
Follow me for more update ๐
The technical setup shows the current price sitting below both the EMA20 at 1242.42 and the EMA50 at 1274.90, reflecting short-term downward pressure. Meanwhile, the MACD line at -8.72 sits below its signal line at -4.76, confirming ongoing bearish momentum.
However, with the RSI cooling down to 43.75, the market is approaching neutral territory rather than deeply oversold conditions. Immediate resistance stands at 1349.30, while the crucial support zone rests down at 1123.43. Traders should watch for potential reactions if price tests this lower boundary.
A break and close below the 1123.43 support level would invalidate this setup and suggest further downside risk. Manage your risk carefully as markets remain volatile.
Are you expecting a bounce from this support level or a deeper correction? Let me know below.
#ZEC #CryptoTrading #TechnicalAnalysis
Follow me for more update ๐