Zcash (ZEC) is trading near $210 after an 8.81% daily decline, with its market capitalization at $3.48 billion. The cryptocurrency is approaching a key resistance zone between $250 and $270, a level that has historically seen selling pressure. Analysts note a large cup pattern on the weekly chart, while momentum indicators like the RSI and MACD show weak but stabilizing conditions.
The price of Zcash (ZEC) declined by 8.99% over the last week, trading at $210.17 as of Friday, March 6. Its 24-hour trading volume was $283.26 million, according to data from CoinMarketCap.
A weekly chart shows a large cup formation, with the price now approaching a key resistance zone between $250 and $270. Crypto analyst Dami-Defi stated, ZEC is consolidating near the resistance area after a strong rally.
The Relative Strength Index is at 37.41, indicating weaker buying power in the lower neutral region. The MACD line is at -19.35842, with a histogram at 1.11936, showing some early bullish movement after a prolonged bearish trend.
If the price breaks the $270 resistance, it could signal a strong continuation of bullish momentum. A loss of the $200 support level could lead to a decline toward $170 or $140.
