📉 ZEC Just Fell Out of Its Channel. Is the Rally Over?
For six weeks, one rising channel guided every leg of this run. This week, price dropped out of it.
The damage:
A double peak near $1,700 in late September.
A slide to about $1,300, more than 20% off the top.
And a $30 million outflow from Grayscale's ZEC ETF after weeks of inflows.
For the record: last week we said a break of the channel floor would signal the trend cooling hard. That just happened. 👀
But cooling isn't the same as over. Today's daily candle is up 3.65% to $1,384, pushing right back toward the broken trendline near $1,400 to $1,420. When price breaks a trendline, it often returns to test it from below. A rejection there confirms the break. A reclaim turns it into a shakeout.
The case for a reset: daily momentum is dead neutral, not stretched. One whale reportedly pulled about 24,700 ZEC off exchanges this past month. And NU7 still has dates ahead: testnet October 6, mainnet go/no-go October 20, activation November 5.
The case for a top: the channel is broken, ETF money just left, and two peaks near $1,700 both failed.
The levels.
Reclaim $1,420 and close back inside the channel, and bulls are back in charge.
Fail there, and $1,300, then $1,250, are next.
Below that sits the $1,090 to $1,160 zone where the last breakout launched.
Trendline breaks are warnings, not verdicts. Let the retest speak.
Reclaim the channel, or confirm the break? 🔥
Not financial advice.
$ZEC
$BTC
$US
For six weeks, one rising channel guided every leg of this run. This week, price dropped out of it.
The damage:
A double peak near $1,700 in late September.
A slide to about $1,300, more than 20% off the top.
And a $30 million outflow from Grayscale's ZEC ETF after weeks of inflows.
For the record: last week we said a break of the channel floor would signal the trend cooling hard. That just happened. 👀
But cooling isn't the same as over. Today's daily candle is up 3.65% to $1,384, pushing right back toward the broken trendline near $1,400 to $1,420. When price breaks a trendline, it often returns to test it from below. A rejection there confirms the break. A reclaim turns it into a shakeout.
The case for a reset: daily momentum is dead neutral, not stretched. One whale reportedly pulled about 24,700 ZEC off exchanges this past month. And NU7 still has dates ahead: testnet October 6, mainnet go/no-go October 20, activation November 5.
The case for a top: the channel is broken, ETF money just left, and two peaks near $1,700 both failed.
The levels.
Reclaim $1,420 and close back inside the channel, and bulls are back in charge.
Fail there, and $1,300, then $1,250, are next.
Below that sits the $1,090 to $1,160 zone where the last breakout launched.
Trendline breaks are warnings, not verdicts. Let the retest speak.
Reclaim the channel, or confirm the break? 🔥
Not financial advice.
$ZEC
$BTC
$US
