ZEC is seeing a lot of action today: it’s currently around 1,168, down about 4.9% over the past 24 hours. It peaked at 1,235 and dropped to around 1,130. Futures trading volume has reached the billion-dollar range, so this is no fake volatility. The funding rate is slightly positive at around +0.009%, with most recent readings hovering near the 0.01% cap. Open interest has edged up over the past half day, while accounts are slightly skewed short (roughly 40/60). With prices down and shorts holding a slight edge, it looks like some traders are selling while others are buying the dip.
In the short term, the price failed to hold above 1,200 and then swept lower. Some people on X have also said that 1,200 is a key level to watch and that a break below it would require repricing. The price has now bounced from its low to 1,160–1,170, but resistance remains at 1,200–1,230. Don’t mistake a rebound for a trend reversal.
I’m cautious and prefer to wait rather than chase either shorts or the rebound. Aggressive traders looking to short could wait for a bounce to 1,195–1,210 and enter with a small position, with a stop-loss above 1,235. More cautious traders could wait for the price to reclaim and hold above 1,200 before considering a long, with an entry around 1,205–1,215, a stop-loss below 1,175, and an initial target of 1,240. If it breaks below 1,130 and makes a new low, set the bullish thesis aside for now.
These are just my own observations of the market, not investment advice. Manage your own position size and risk.
#ZEC #Zcash
In the short term, the price failed to hold above 1,200 and then swept lower. Some people on X have also said that 1,200 is a key level to watch and that a break below it would require repricing. The price has now bounced from its low to 1,160–1,170, but resistance remains at 1,200–1,230. Don’t mistake a rebound for a trend reversal.
I’m cautious and prefer to wait rather than chase either shorts or the rebound. Aggressive traders looking to short could wait for a bounce to 1,195–1,210 and enter with a small position, with a stop-loss above 1,235. More cautious traders could wait for the price to reclaim and hold above 1,200 before considering a long, with an entry around 1,205–1,215, a stop-loss below 1,175, and an initial target of 1,240. If it breaks below 1,130 and makes a new low, set the bullish thesis aside for now.
These are just my own observations of the market, not investment advice. Manage your own position size and risk.
#ZEC #Zcash