Zcash Pullback Hits Predicted 17.35% Zone Analyst Says Setup Still Active
Zcash (ZEC) has followed a bearish trajectory predicted by analyst @CryptoBullet1, dropping exactly 17.35% from its September peak. The analyst, who initially flagged the descending structure, noted that the pullback is unfolding as expected, stating, “So far so good.”
The decline was driven by a bearish descending triangle pattern combined with a bearish RSI divergence on the 1-day Binance chart. The price compression and weakening momentum led to the anticipated drop, which is now fully realized. The OHLC data confirms ZEC closed at $1,327.47 on the day of the signal, down from its September high.
While the predicted move has been completed, @CryptoBullet1 emphasized that the setup is still active, with no confirmed bottom yet. The key level to watch is $1,302, as a daily close below this could signal further downside toward the $1,100, $950 zone. Conversely, a stabilization above $1,302 could indicate the pullback is complete.
The large-scale position of Garrett Jin, holding 202,078 ZEC with significant unrealized profits, adds another layer to the analysis. Whether his position acts as a demand floor during this pullback remains a critical factor in determining ZEC’s next move.