$ZEC has dropped significantly, down over 8% in the last 24 hours to $1057.44. This extends its 7-day decline to over 16%.
It now trades more than 21% below its 7-day high of $1349.3. Current 24-hour trading volume is low, at only 75% of its 7-day average. The 14-hour RSI is at a very low 23.3.
My view is neutral for now. The low RSI suggests $ZEC is oversold, but the weak volume on this downtrend does not give confidence for a reversal. I would become bullish if I saw a clear bounce from the 7-day low of $1055.03, confirmed by a significant increase in buying volume. A break below $1055.03 on heavy volume would suggest further downside.
I am watching for a clear reversal candle with strong volume above the 7-day low.
#ZEC #Oversold
It now trades more than 21% below its 7-day high of $1349.3. Current 24-hour trading volume is low, at only 75% of its 7-day average. The 14-hour RSI is at a very low 23.3.
My view is neutral for now. The low RSI suggests $ZEC is oversold, but the weak volume on this downtrend does not give confidence for a reversal. I would become bullish if I saw a clear bounce from the 7-day low of $1055.03, confirmed by a significant increase in buying volume. A break below $1055.03 on heavy volume would suggest further downside.
I am watching for a clear reversal candle with strong volume above the 7-day low.
#ZEC #Oversold