Summary
• ZEC/USDT fell to $413.30, a 24-hour low, amid bearish momentum.
• A key support level appears at $413.30, while resistance is near $418.50.
• Volume spiked during the 5-hour drop, suggesting short-term selling pressure.
• RSI entered oversold territory, hinting at potential near-term buying interest.
• Price consolidation within a narrowing Bollinger Band indicates a potential breakout.
At 12:00 ET–1, Zcash/Tether (ZECUSDT) opened at $445.05, hit a high of $446.16, and a low of $413.30, closing at $418.34 by 12:00 ET. Total volume was 168,458.88
, and notional turnover was approximately $71.3 million over 24 hours.
Structure & Formations
Price action revealed a sharp bearish breakdown from $440, forming a strong descending pattern. Key support was tested at $413.30, with a potential bounce toward $418.50. A doji near $429.16 and a bearish engulfing pattern at $436.92 highlighted critical turning points.
Moving Averages
On the 5-minute chart, the 20- and 50-period moving averages remained in a bearish alignment, reinforcing the downward bias. Daily data showed the 50-day line at ~$425, with price trading below the 100- and 200-day lines, indicating a longer-term bearish setup.
MACD & RSI
MACD crossed into negative territory with a bearish divergence, amplifying the sell signal. RSI reached oversold levels (~30), suggesting potential for a minor countertrend rally, though momentum remains bearish.
Bollinger Bands
Price remained within the bands for much of the period, with a recent contraction suggesting increased volatility could follow. A break above the upper band at ~$433.50 or below the lower band at $413.30 could confirm direction.
Volume & Turnover
Volume increased significantly during the downward move, especially between 2:00–3:00 AM ET, when price dropped from $429.50 to $419.61. Notional turnover peaked at $4.5M during that hour. A divergence between volume and price in the morning suggested some profit-taking or short-covering.
Fibonacci Retracements
On the 5-minute chart, the $413.30 level aligns with the 61.8% retracement of a prior bullish swing, making it a key psychological level. On the daily chart, the 38.2% level at $425.50 could serve as a near-term resistance should buyers re-enter.
Price may find near-term buyers at $413.30 due to its Fibonacci and support significance. However, a break below this level could trigger a test of the $410 psychological level. Investors should monitor RSI for signs of a reversal and remain cautious of further downside risk in the next 24 hours.
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