Zcash continued its recent pullback, remaining above $500 on Thursday, but selling pressure showed no signs of easing. Current price action indicates that short-term momentum for ZEC has cooled somewhat, but the price remains above the 50-day and 200-day moving averages, and the medium-term upward structure is not yet broken.
The area around $581 remains a major resistance level.
Looking at the current market, ZEC has repeatedly encountered resistance near the downtrend line, which is roughly around $581. The repeated failures to break higher indicate that selling pressure remains active during the rebound, limiting further price increases.
The article suggests that if this resistance level can be effectively broken, the market may retest the previous high of around $690. If it fails to break through, the price will likely continue to fluctuate within a range.
$489 becomes a key short-term support level
On the downside support level, the 50-day exponential moving average is currently at $489, which is the most important level to watch in the near term. As long as the price remains above this level, buyers retain some initiative.
If the price falls below $489, downward pressure could increase further. The 200-day exponential moving average is located at $407, an area considered stronger support in the medium term.
- The downtrend line resistance is approximately $581.
- The 50-day moving average provides support at approximately $489.
- The 200-day moving average provides support at approximately $407.
Momentum indicators weakened
In terms of momentum indicators, the RSI is currently around 52, close to the neutral range, indicating that the balance of power between bulls and bears is not yet significantly imbalanced. Meanwhile, the MACD has fallen below the zero line, reflecting a weakening of short-term bullish momentum compared to the previous period.
Overall, ZEC is currently in a consolidation phase after an upward move. As long as the 50-day and 200-day moving averages are not effectively broken, the market will still view this pullback as a correction within a medium-term uptrend; if it subsequently rises back above $581, short-term sentiment may improve again.
