Zcash Slides Toward $491 Support; Risk of Drop to $480–$400 if $500 Breaks
Zcash (ZEC) has weakened across recent updates, trading around $504 at the latest report and near local support at $491.52. Earlier data showed a 5.29% intraday surge, but the more recent outlook indicates a 0.5% decline with sellers in control on the midterm (weekly) timeframe. Technicals on the hourly chart warn that failure to bounce and a daily close at or near $491.52 could trigger a downside breakout toward the $480 area. On the weekly chart, a break and close below the $500 zone — especially a weekly close under the prior candle low near $475 — would raise the probability of a deeper decline to $400–$450. Key levels to watch: support at $491–$480, immediate resistance around $500–$504, and longer-term resistance near $750. Traders should monitor daily and weekly closes around these zones, tighten risk management, and size positions for increased downside risk if the $500 support fails.
Bearish
Both summaries indicate mounting downside risk for ZEC. The more recent report shows price near $491 support and a 0.5% decline with sellers dominating the weekly timeframe. Technical setups on the hourly and daily charts warn that failure to hold $491–$500 could trigger quick downside to $480 and, if $500 is decisively lost with a weekly close below ~$475, to $400–$450. Immediate resistance near $500–$504 limits upside, and the weekly resistance at $750 remains well above current levels, reducing bullish catalysts. For traders, this implies higher short-term volatility and asymmetric downside risk: consider tightening stops, reducing long exposure, or positioning for short/hedge opportunities until price re-establishes support above $500 with confirmation from daily/weekly closes.