ZCash Bounces Back from $300: Is This the End of the Downtrend?
ZCash just staged a sharp recovery after testing the $300 level—a move that has traders asking if the bearish momentum has finally run its course.
The Rebound Signal
Hitting the $300 mark acted like a tripwire, triggering a wave of buy orders that sliced through recent selling pressure. The bounce wasn't timid; it was a decisive rejection of lower prices that suggests a shift in market sentiment.
Decoding the Momentum Shift
This isn't just a dead-cat bounce. The recovery from such a psychologically significant level indicates that buyers are stepping in with conviction, potentially marking a local bottom. The key now is whether this momentum can sustain and flip the overall trend structure.
What's Next for ZEC?
All eyes are on whether ZCash can build on this recovery and reclaim higher ground. The move challenges the prevailing downtrend narrative, forcing a reassessment of short-term price targets. A failure to hold here, however, would confirm the bears are still in control—something no amount of optimistic spin from crypto influencers can fix.
The path ahead hinges on this newfound support holding firm. If it does, this recovery could mark a turning point. If not, well, at least the charts provide more reliable signals than most traditional finance earnings reports.
Zcash Bounces Back After RSI Hits Extreme Oversold Levels
The daily chart shows that a descending triangle has formed as a result of the latest price action. The price needs to break above the trend line’s resistance. If that happens, the next area of supply to overcome WOULD be the 200-day exponential moving average (EMA).
The Relative Strength Index (RSI) has sent a buy signal already in the daily chart after coming out of extreme oversold levels. This is the first time that the RSI has been pushed to such lows since April.
Now, the oscillator has climbed above the 14-day moving average, potentially marking the beginning of a trend reversal. It now needs to move above the midline to confirm that momentum has turned positive.
Back then, the price of ZEC doubled just a couple of months after. If the market reacts similarly, ZEC could reach $600 at some point in the next few weeks as well.
A confirmed breakout above $375, and a subsequent successful retest of this level from above, could be interpreted as the definite buy signal.
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