Summary
•
traded within a 376.29–418.01 range, with 399.45–407.41 forming key resistance clusters.
• Strong volume surges between 01:30 and 02:45 ET suggest institutional participation and bullish momentum.
• MACD turned bearish after 06:00 ET, while RSI lingered in overbought territory until 09:00 ET.
• Bollinger Bands widened after 01:30 ET, signaling rising volatility during the rally.
• Fibonacci retracement levels at 403.15–407.41 appear to contain short-term price action.
Zcash/Tether (ZECUSDT) opened at 393.86 and closed at 402.76, reaching a high of 418.01 and a low of 376.29. Total volume for the 24-hour period was 183,106.37 ZEC, with notional turnover of 75,005,846.85 USDT.
Structure & Formations
The price action displayed a strong bullish impulse from 01:30 to 02:45 ET, with a large 5-minute candle forming a strong green body around 410.68.
A bearish correction began around 06:00 ET, forming a potential bearish engulfing pattern near 416.14. Support levels at 403.15 (Fib 38.2%), 397.72 (Fib 61.8%), and 393.46 (prior 5-min close) appear relevant, with resistance near 407.41 and 409.95.
Moving Averages and Momentum
On the 5-minute chart, the 20-period moving average crossed above the 50-period line (golden cross) around 03:00 ET, confirming a short-term bullish trend. The 50-period MA has since flattened as bearish momentum took hold in the early morning hours. The daily chart remains in a bullish bias, with the 50-period MA at 397.89, below the current price. MACD turned negative at 06:00 ET, with a bearish divergence in price and momentum. RSI entered overbought territory at 76.3 during the peak at 01:45 ET and has since corrected into neutral range.
Volatility and Volume
Bollinger Band width expanded significantly from 01:30 to 02:45 ET, aligning with increased volume and price action. Price closed near the upper band at 01:45 ET but has since pulled back toward the middle band. Volume spiked to 24,397.681 ZEC at 01:45 ET and then declined during the correction. Notional turnover also surged in line with volume, showing no clear divergence with price.
Fibonacci Retracements
Key retracement levels from the swing high at 418.01 to the swing low at 376.29 include 403.15 (38.2%), 397.72 (61.8%), and 393.46 (78.6%). Price appears to be consolidating between 403.15 and 407.41, suggesting traders are testing the upper boundary before the next move.
ZECUSDT appears to be in a consolidation phase after a strong bullish impulse. If price holds above 403.15, a retest of 407.41 could follow. However, a break below 397.72 could trigger a deeper correction into the 391.43–393.46 range. Investors should closely watch volume and RSI for signs of exhaustion or accumulation.
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