- ZEC fails $740 breakout, slips below $680 pivot, signaling strong selling pressure and short-term bearish momentum.
- Price hits $630 target after confidence point loss, now hovering near crucial $600–$611 support zone for potential bounce.
- Bulls must defend $600–$611 to prevent deeper drop toward $580–$530 and regain any upward momentum.
Zcash ($ZEC) has recently experienced a notable shift in market momentum after failing to sustain a critical breakout level. Analyst Ardi on X highlighted that the token’s price entered the $740 breakout zone but could not hold above it. “The move into the $740 breakout zone once again failed to accept, which formed a constant rejection at the top of the range,” Ardi noted.
Consequently, ZEC reversed sharply, slipping below the key mid-range pivot near $680, dubbed the Bulls’ Confidence Point. This breakdown marked a decisive moment, signaling that sellers had seized control.
The price decline was swift and targeted. Following the loss of the confidence point, $ZEC quickly reached the short-term target around $630. Ardi explained, “Sellers stepped in aggressively, driving price straight into our short target at ~$630, which has now been fully achieved.”
Currently, the market is within a local support zone between $600 and $611, which has traditionally served as a structural basis throughout previous rally phases. In order to maintain any possible bullish trend, bulls must defend this zone, which is the next critical area.
Resistance and Breakdown Dynamics
Earlier price action showed a strong upward move with limited pullbacks before hitting resistance. Candles in the $740 zone repeatedly failed to maintain higher closes, forming a clear rejection pattern. Moreover, lower highs developed following the failed breakout, highlighting weakening bullish strength. This sequence created a pronounced bearish rhythm that dominated the mid-November price action.
Additionally, the breakdown below the $680 pivot accelerated bearish momentum. Price touched the green demand zone near $625–$638 before stabilizing briefly. However, buyers struggled to regain control, and ZEC hovered near the next structural support around $580–$582. “A clean defense here could justify a bounce back toward $630 and potentially $684,” Ardi added, indicating possible short-term recovery if bulls act decisively.
