Bulls are back in the game on the first day of the weekend, according to CoinStats. However, unlike most other coins, ZEC/USD has experienced a significant decline, with its rate dropping by 23.59% over the last 24 hours.
On the hourly chart, the price of ZEC is hovering near the local support level of $528.55. If the price does not bounce back from this support, traders may witness a further drop to the $500 zone by tomorrow.
Looking at the bigger time frame, bulls have failed to maintain growth following yesterday’s bullish candle. If the daily bar closes near the $525.17 level, the correction is likely to continue, potentially pushing the price down to the $450-$500 range. This scenario could play out over the next few days.
From a midterm perspective, attention should be given to the weekly bar closure relative to its peak at $750. Should the close happen significantly below this mark, there is a risk of a deeper drop to the $300-$400 zone.
At press time, ZEC is trading at $532.38. Traders are advised to monitor key support and resistance levels closely to navigate the evolving market conditions.
https://bitcoinethereumnews.com/tech/zcash-price-analysis-for-november-8/