Zcash price extended its decline over the past 24 hours, falling below the $500 mark as sellers regained control after the cryptocurrency failed to hold recent gains. While some market players are waiting for the correction to head further south, another technical outlook implies that the overall upswing may be safe until ZEC manages to reclaim resistance.
At the time of writing, Zcash (ZEC} was trading at $477.01, declining by 4.44% in the last 24 hours. The daily trading volume came to $685.16 million while the cryptocurrency maintained the market capitalization of $8.01 billion. ZEC represents 0.37% of the total crypto market.
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Zcash Price Eyes Lower Support After Losing $500
Crypto market analyst Team LAMBO stated that the price of Zcash reached the first level of downside target near $480 after falling below the $500 resistance. As per the technical view, the next support level is near $460.
Also, the analyst said that a breakdown of $460 may lead the price lower, with the next support coming near $360, which served as the area of high buying pressure previously.
Earlier Breakout Still Supports Longer-Term Outlook
Despite the recent correction, another technical outlook shows a brighter picture for Zcash price in the long term. Before the recent correction, ZEC managed to overcome the $528.75 resistance, which represented the top of the previous wave as well as the 61.8% Fibonacci retracement of the downward move that began back in May. Such a breakout confirmed the continuation of the short-term impulse wave, which is seen as a positive signal by technical traders.
Thus, based on this pattern, the next primary upside target still lies near $674, an area that previously represented a resistance during May.
Market Watches Key Technical Levels
Zcash has remained one of the better-known privacy-focused cryptocurrencies, allowing users to choose between transparent and shielded transactions. Because of its privacy features, ZEC has often experienced larger price swings than many established digital assets, especially during periods of increased market volatility.
The current mixed technical outlook reflects that uncertainty. Some analysts expect additional downside if nearby support fails, while others believe the earlier breakout still leaves room for another upward move once selling pressure eases.
The next few trading sessions could be important for investors following Zcash price. A successful defense of the $460 support may help stabilize the market and allow another attempt toward the $528.75 resistance. However, a clear break below that support could shift attention to the $360 region.
For now, market participants will closely watch whether buyers return at current levels or if sellers continue to push ZEC toward lower support before the next major trend develops.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
