Zcash Price Action Reverses Course as Head-and-Shoulders Formation Emerges

Zcash (ZEC) is currently trading at $792.25 after reaching new heights following a sharp rally in recent weeks.

The asset has gained 40% over the past week and 68% over the past month, with its price action showing signs of potentially reversing course.

A head-and-shoulders formation is emerging on ZEC's chart, with the neckline sitting near $750. A break below this level could confirm the bearish pattern and send the asset plummeting to the $600 area.

The MACD line has crossed below the signal line, indicating that short-term buying power is slowing down relative to recent averages.