🚀 ZEC in free fall! Buying opportunity or a bear trap? | Quick Analysis
The market is showing high volatility and $ZEC (Zcash) has just recorded a strong bearish move, currently trading at $1,118.98 USDT, which represents a drop of -12.80%.
🔍 Chart Key Points:
• Immediate Support: The price is trying to stabilize near the last 24 hours’ low at $1,112.64 USDT. If it breaks this level, the correction could deepen.
• Resistance to Break: To show recovery signals, the price must surpass the daily high of $1,285.46 USDT and reclaim the MA60 moving average, which sits at $1,147.91.
• Trading Volume: A significant volume is recorded over the last 24 hours with 269,293.05 ZEC moved, reflecting strong selling pressure during the recent 15-minute periods.
💡 Suggested Strategy:
With such a vertical move, the most prudent approach is to wait for consolidation or a reversal pattern on short timeframes before looking for long entries. Always use a strict Stop Loss!
💬 Do you think $ZEC will manage to bounce at $1,112 or will the downtrend continue throughout the day? Leave your opinion in the comments! 👇
$ZEC
Click here to trade 👇
#BinanceSquare #PublicayGana #white2Earn
The market is showing high volatility and $ZEC (Zcash) has just recorded a strong bearish move, currently trading at $1,118.98 USDT, which represents a drop of -12.80%.
🔍 Chart Key Points:
• Immediate Support: The price is trying to stabilize near the last 24 hours’ low at $1,112.64 USDT. If it breaks this level, the correction could deepen.
• Resistance to Break: To show recovery signals, the price must surpass the daily high of $1,285.46 USDT and reclaim the MA60 moving average, which sits at $1,147.91.
• Trading Volume: A significant volume is recorded over the last 24 hours with 269,293.05 ZEC moved, reflecting strong selling pressure during the recent 15-minute periods.
💡 Suggested Strategy:
With such a vertical move, the most prudent approach is to wait for consolidation or a reversal pattern on short timeframes before looking for long entries. Always use a strict Stop Loss!
💬 Do you think $ZEC will manage to bounce at $1,112 or will the downtrend continue throughout the day? Leave your opinion in the comments! 👇
$ZEC
Click here to trade 👇
#BinanceSquare #PublicayGana #white2Earn
