- Zcash is trading near $206 as buyers slow down, with traders watching if it can break above $220 for a stronger move.
- After rising to $305, Zcash now faces selling pressure near $220 and $235, showing signs of cooling momentum in the market.
- Support at $190 remains important as traders wait for a confirmed close above $220 to signal fresh buying interest.
Following a strong surge that saw prices rise above important technical levels, Zcash (ZEC) is about to enter a pivotal phase. As buying pressure lessens and traders seek proof of a sustained increase, the cryptocurrency is currently encountering resistance, according to analyst CryptoAmsterdam.
Binance’s weekly ZEC/USDT chart demonstrates that Zcash has seen years of volatility. In 2021, prices reached their highest point ever, close to $350. But by mid-2024, the cryptocurrency stabilized between $20 and $40 after a lengthy drop through 2022 and 2023.
Prices broke the multi-year downward trend with a burst late last year that sent them toward $90. Bulls have already taken back control, but resistance close to $220 is still holding.
Mid-Range Retest and Technical Outlook
CryptoAmsterdam said, “We dipped into the mid-range, and are even dipping below and retesting it as resistance. Not buying yet, just watching.” He also mentioned that a confirmed close above this level could signal a new buying opportunity. The mid-range sits near $220, with the range low around $80 and the historical peak at $350.
Moreover, the hourly ZEC/USDT chart shows that between October 8 and 12, the asset rallied to $305, the highest point in the short-term setup. Afterward, ZEC entered a consolidation phase marked by lower highs and declining momentum.
A descending trendline now caps the price, while support at $190 holds firm. The formation of a rounded bottom near this level suggests a possible accumulation zone if buying returns.
Market Sentiment and Near-Term Pressure
Besides, increased volatility with long wicks shows hesitation among traders. Volume has picked up, yet sellers remain active near resistance zones around $220 and $235. Consequently, short-term sentiment appears mixed, with bulls waiting for confirmation before re-entering.
