- ZEC fell 7.46% after a bearish rejection near range resistance.
- The $400 to $420 zone remains the most critical support.
- A break above $500 could revive momentum toward $600.
Zcash is back in focus after a sharp rejection near the top of its trading range raised concerns about another move lower. At press time, ZEC was down 7.46% over the past 24 hours, trading at $414.17. The latest decline follows a failed attempt to sustain momentum near higher resistance levels, reinforcing a cautious short-term outlook.
Market analyst Sjuul from AltCryptoGems noted that ZEC remains heavily range-bound. According to the analyst, the recent bearish retest of range highs and earlier signs of market manipulation suggest that a revisit to range support could be the next likely move.
ZEC Technical Structure Keeps $400 Support in Spotlight
Despite recent volatility, ZEC continues to trade above a broader ascending trendline that has remained intact since March. This trendline has helped preserve the larger bullish market structure even as short-term selling pressure intensified.
The most important support area currently sits between $400 and $420. Trading volume data shows significant activity within the $400 to $460 region. This concentration has created a high-liquidity zone where buyers and sellers continue to find equilibrium.
A recent security-related concern also added pressure to sentiment. Reports of a vulnerability affecting the Orchard shielded pool triggered a correction, although the issue has not altered the long-term technical structure.
ZEC Faces Critical Resistance Before Any Recovery Attempt
While support remains intact, ZEC still faces several hurdles before confirming a stronger recovery. The first key resistance level stands near $500. A successful move above that area could shift momentum back in favour of buyers.
Beyond $500, traders are watching a major supply zone between $600 and $650. This region previously rejected price advances and remains the strongest overhead resistance on the chart. If momentum returns, the local high near $688 could become another target.
Momentum indicators remain mixed. However, the broader trend remains constructive while ZEC holds above the ascending support line. A breakdown below $400 would weaken the current structure and increase the possibility of a decline toward $300. For now, ZEC continues to consolidate inside a decisive range as traders monitor support strength and potential breakout signals.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
