Zcash (ZEC) has been trending upward since late December, rising from lows near $300–$320 to highs around $530–$540. Analyst Eric Van Tassel points out that the cryptocurrency is now reacting to a major higher-timeframe resistance zone between $600 and $700, which previously acted as a distribution area.
According to him, this area is technically significant, as multiple indicators and Fibonacci retracements align here, signaling potential liquidity resets before any sustained move higher.
The recent rally reached the 0.618–0.786 retracement of the larger swing, suggesting sellers are defending this zone aggressively.
While Zcash remains within a rising structure on the daily timeframe, this confluence of resistance marks a point where a corrective phase is likely before further upward movement.
Source: X
Also Read: Zcash (ZEC) Price Outlook: Why $560–$610 Could Trigger the Next Big Move
Zcash Faces Interim Support at $470–$500
The current retraction by ZEC is towards the $470-$500 levels, which are now serving as an intermediate zone. The views by analyst Ardi indicate that this zone is behaving as anticipated since there is provision for liquidity within this range as tests are made around supports.
The failure by Zcash to rejoin the $500-$520 zone may raise possibilities towards a stronger retraction towards the $425-$400 zone.
The $400 level is also critical, given that it has always acted as a demand level. A positive reaction at this point may sustain the overall positive momentum and may lay the foundations for another test at the higher resistance level of $600.
A daily close below the $400 level may indicate deterioration in the higher-low formation and may bring about a move to the base at $350-$320.
Source: X
Momentum Shows Cooling, Trend Remains Intact
The momentum indicators reflect cooling, but not degenerating momentum. The RSI remains above the mid-line, indicating that the trend is still in place, despite the correction.
The volume has reduced, as is expected during the phase of correction, and a robust bullish response is needed to confirm the trend.
Both Van Tassel and Ardi emphasize the fact that the structure remains bullish, at least as long as the critical support level is maintained. Ardi calls the current market action a “classic bullish retest, stressing the fact that breaking the $470 support level would be more problematic than the current pullback.
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