The daily chart of ZEC suggests the ‘OG’ privacy coin has broken below the decisive symmetrical triangle after failing to hold the 0.5 FIB at $398. The next important range to defend would be around 0.382 FIB at $316, just above the support zone between $305 and $298. The traders may expect a bounce before entering this support zone, but the drop in the rally’s strength and outflow of liquidity flash bearish signals for the crypto. Although the RSI has displayed a small bullish divergence, the steep drop in the CMF hints towards small bounces that could result in frequent fake-outs.
What’s next for the ZEC price?
Considering the above chart, it indicates the bearish trend may extend, dragging the levels below $300. The broader market conditions are also extremely volatile, with the traditional markets also experiencing a loss of over trillions. On the other hand, metals like gold and silver are coiling up, hinting towards a rotation of liquidity from the risk assets to the traditional assets. In such market conditions, one cannot expect a strong rebound, but the Zcash (ZEC) price that maintained a steep descending trend may continue to do so until the sentiments flip completely above the bearish influence.
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