The privacy-focused cryptocurrency Zcash (ZEC) has fallen below $300, entering a zone some investors monitor for potential accumulation. Technical analysis shows the price remains below key moving averages, confirming a continued bearish trend. However, momentum indicators like the RSI and MACD suggest selling pressure may be weakening, offering early signs of stabilization.
Zcash (ZEC) has declined below the $300 level, according to crypto analyst Hailey LUNC. This drop confirms earlier forecasts of a deeper correction amid broader market weakness.
The price action places ZEC in a key accumulation zone watched for potential trend reversal. Despite the drop, some traders maintain strong bullish sentiment for a future recovery.
Hailey LUNC suggests a shift in market momentum could lead to a parabolic rally phase. “Optimistic projections point toward a long-term upside target near $1,000, driven by renewed confidence, demand, and improving technical conditions overall.”
Technical data shows ZEC trading below its 20, 50, 100, and 200-day Exponential Moving Averages. The 200-day average near $296 acts as a major resistance level, confirming sustained bearish pressure.
The Relative Strength Index (RSI) is near 41, indicating weak momentum that is not yet oversold. Its recent upward curl suggests early momentum stabilization.
The Moving Average Convergence Divergence (MACD) remains below zero, confirming underlying bearish conditions. However, the flattening histogram and converging signal lines indicate decreasing selling pressure.
