According to AMBCrypto, ZCash (ZEC) fell 3.82% in the past 24 hours, underperforming Bitcoin’s recent rebound. The altcoin has failed to reverse its losses despite Bitcoin’s recovery. ZEC is currently defending the $400 support level, with analysts noting a potential rally to $605 if it breaks out of a descending channel. However, bearish momentum on the 1-hour chart and repeated tests of the $400 level raise concerns of a breakdown. A move above $425 could signal a buying opportunity, but traders are advised to wait for alignment between timeframes before entering long positions.
ZCash (ZEC) Struggles to Recover Amid Market Downturn
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Summary
ZCash (ZEC) remains a key name among altcoins to watch as it struggles to rebound amid broader market weakness. ZEC dropped 3.82% in the last 24 hours, lagging behind Bitcoin’s recent bounce. The coin is now testing the $400 support level, a critical area for near-term direction. Analysts suggest a breakout above $425 could attract buyers, but a breakdown below $400 may extend the decline. A rally above the descending channel could push ZEC toward $605, though traders are advised to wait for clearer timeframe alignment before committing.
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