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Zcash fell 22% from a September high and analysts expect it could fall further to $1000.

2026-10-08 00:31:34

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Zcash fell 22% from its September high, and analysts warned it could fall further to US$1,000.

Zcash (ZEC)'s strong gains in September have reversed and the market has entered a period of sharp correction. As of October 7, ZEC was trading at $1,319. Technical analysis shows that downside risks are increasing as sellers regain control of the market.

Momentum weakens, key support levels are under focus

After hitting a high of about US$1,700 at the end of September, Zcash began to lose momentum. Prices have since fallen, approaching the $1,220 to $1,300 range, an area previously marked by market analysts as potential support. Last month, technical observers noticed a bearish divergence signal on Zcash's Relative Strength Index (RSI) as contemporary coins approached resistance of $1,700 to $1,750. This signal suggests that despite higher prices, upward momentum is cooling, increasing the possibility of a correction to lower support. After a brief attempt to expand gains, ZEC reversed and is now slightly above the upper edge of the correction zone previously forecast. The loss of momentum suggests that buyers are having difficulty maintaining the strong pace set in September. On the weekly chart, Zcash has fallen below the 2.618 Fibonacci extension of $1,722 after failing to maintain above previous highs. The next significant level on the chart is the 1.618 Fibonacci extension, which is around $1,136. Support Approximate price Potential decline from US$1,319 1.618 Fibonacci US$1,136 14%20-week exponential moving average (EMA) US$90032%1.618 The area between the Fibonacci level and the rising 20-week exponential moving average (near $900) constitutes a broad area of potential support. A drop to $900 would drop about 32% from current prices, although the moving average itself would change over time. At the same time, Zcash's weekly RSI has retreated from overbought territory and remained near the median 60. While this reading reflects continued relative strength, it also suggests that kinetic energy has cooled from its peak. Further declines could normalize technical indicators more. Market analysts describe these support and resistance levels as reference points in case a deeper retracement could occur when selling pressure reappears.

Mini Dictionary:
Exponential Moving Average (EMA): A technical indicator that gives higher weight to recent prices than a simple moving average to better reflect current market trends.

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