Zcash Retreats from $1,680 High Amid Weakening Daily Momentum

Zcash has retreated from its recent high of $1,680 after reaching near that price mark. Daily momentum is weakening, but the weekly chart still supports the broader advance.

The daily chart shows a bearish divergence between ZEC's price and relative strength index (RSI). The RSI failed to match its previous reading above 80, while the price moved above its earlier peak. However, the weekly chart does not show the same weakness, with its higher RSI reading confirming the larger move.

ZEC is currently trading around $1,568 on the Coinbase daily chart after falling from near $1,676. The open daily candle was down 3.8% at that point.