Zcash slipped below $500 in the past 24 hours, dropping to $477.01 with a 4.44% decline as sellers regained momentum.
The daily trading volume stayed solid at $685.16 million, keeping ZEC’s market cap steady near $8 billion. Currently, it holds 0.37% of the total crypto market share.
Crypto analyst Team LAMBO noted the first downside target appeared around $480 after breaking below $500. If $460 support fails, the price could test $360, a level that showed strong buying interest before.
Despite the pullback, a prior breakout above $528.75 remains relevant. This level aligns with the 61.8% Fibonacci retracement since May’s drop and signals sustained short-term bullish momentum.
Based on this technical pattern, the next major resistance sits near $674, marking a key level from May.
Zcash’s privacy features have historically caused sharp price swings, especially during volatile market phases, explaining its current mixed technical signals.
The forthcoming days will be critical. Holding above $460 might stabilize ZEC and offer a chance to retake $528.75. A breach below would shift focus to $360.
Market watchers await confirmation whether buyers reemerge or sellers drive further declines before a decisive trend unfolds.
