$ZEC /USDT – Testing Major Support After Deep Correction
Guy's check results: Zcash (ZEC) is currently navigating a significant market correction after its parabolic surge to $700+ in November. The correction has been deep, but the price is now testing a crucial accumulation zone near $310-$325. This area must hold to prevent further downside risk toward the $285 support. Volume has stabilized, but bearish momentum is still prevalent.
ZEC is currently trading at $315.50 (+/- 1.5% in the last hour), after touching a 24h low of $305.08.
Trade Plan (Short-Term Relief Bounce - Long)
This is a counter-trend trade looking for a short-term bounce confirmation. High caution and tight stop-loss are advised.
Entry Zone: 310 – 325 (Enter on confirmed hold or retest of 310 support)
TP1: 345 (Near 38.2% Fibonacci Retracement)
TP2: 365 (Testing the previous major support/resistance area)
TP3: 385 (Near the recent 24-hour high)
SL: Below 295 (Clear invalidation of the $300 psychological support)
Market Outlook: The long-term narrative (ETF filing, privacy demand) is bullish, but the short-term chart signals extreme volatility and the need for consolidation. If ZEC can reclaim $365, it will confirm the relief bounce and give confidence for a stronger recovery.
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