Crypto
Zcash Faces First Major Test After 285% Rally: Can It Hold Support?
Zcash has retreated from its recent high of $1,297 after a 285% rally. The price is currently trading near $1,150, about 11% below the peak.
The 23.6% Fibonacci retracement level at $1,070 is being closely watched as a potential support point. Buyers have defended this level so far, but if it fails to hold, the next level of support could be around $930.
Momentum has cooled somewhat after ZEC's rapid advance, with the 14-day Relative Strength Index falling to 65 from overbought readings earlier in the rally. However, RSI remains above 50, keeping the daily trend constructive.