Zcash Price Holds Long-Term Bullish Outlook Despite Slide Below $500

Zcash (ZEC) price continued to slide over the past day, dipping below $500 after failing to maintain recent gains. The cryptocurrency's value decreased by 4.44% in the last 24 hours, with a daily trading volume of $685.16 million and a market capitalization of $8.01 billion.

According to technical analyst Team LAMBO, Zcash has reached its first downside target near $480 after breaking below the $500 resistance level. The next support level is approximately $460, with a potential breakdown leading to further declines towards $360, an area that previously experienced high buying pressure.

Despite this short-term correction, another technical outlook suggests a long-term bullish trend for Zcash price. The cryptocurrency's recent breakout above the $528.75 resistance level, which also represents the 61.8% Fibonacci retracement of its downward move since May, confirms the continuation of its short-term impulse wave.

The earlier breakout still leaves room for another upward move once selling pressure eases. Market participants will closely watch whether buyers return at current levels or if sellers continue to push ZEC toward lower support before the next major trend develops.