Zcash (ZEC), the leading privacy coin by market cap, extended its decline on Wednesday, dropping by over 4% to around $510. That was down circa 15% from the local high of around $590, established a week ago.
The correction put ZEC's cup-and-handle breakout thesis at risk of invalidation. Instead, it is leading to the validation of multiple bearish reversal patterns, with downside targets under the key $500 support level.
Let's examine.
ZEC's four-hour chart shows the price breaking below the lower trendline of a symmetrical triangle near $535–$538.
A symmetrical triangle forms when price consolidates between converging support and resistance trendlines. The pattern typically resolves in either direction.
#leading #wednesday #instead
The correction put ZEC's cup-and-handle breakout thesis at risk of invalidation. Instead, it is leading to the validation of multiple bearish reversal patterns, with downside targets under the key $500 support level.
Let's examine.
ZEC's four-hour chart shows the price breaking below the lower trendline of a symmetrical triangle near $535–$538.
A symmetrical triangle forms when price consolidates between converging support and resistance trendlines. The pattern typically resolves in either direction.
#leading #wednesday #instead
7 days ago
