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ZEC Zcash shows a dual path after significant growth
Zcash (ZEC) has attracted much attention recently due to its sharp price increase, showing a complex technical pattern. After closing at $1,227.60 on September 6, the digital asset rose nearly 20% in a single day. As of September 9, its value further rose to US$1,294.36. However, short-term indicators also reveal potential challenges.
Potential pullbacks: TD Sequential Signal Warning
Analyst Ali Martinez pointed out that on Zcash's daily chart, the TD Sequential 9 signal appears around US$1,222. This signal usually suggests that bullish momentum may slow after a strong rally. Given that ZEC has surged from below $400, the market needs to pay close attention to this signal to determine whether there will be a price reversal.
Does divergence send a caution signal?
Yes, deviations on the four-hour chart remind investors to be cautious. Cryptoraclero's analysis published on TradingView highlights the bearish divergence. This occurs when momentum indicators fail to identify new price highs, indicating weakening buying interest.
Cryptoraclero emphasized that if prices fall below the uptrend line, bearish scenarios could be exacerbated. Historically, similar patterns have led to approximately 9% and 20% retractions. Although the signal does not signal a reversal of long-term trends, it points to the possibility of a market cooling or a deeper correction.
Binance data showed that ZEC's volatility increased, with prices jumping from about $815 on September 2 to more than $1,227 on September 6. Historical data shows that the TD Sequential signal warned of corrections, with one case causing prices to fall by nearly 64%.
Key levels for ZEC are between US$1,200 and US$1,300, with fulcrum support levels of US$573.81 and US$300.29 respectively. Despite fluctuations in technical indicators, the overall upward trajectory remains solid. Even if there is a correction, experts suggest this could only be a consolidation stage after a strong rebound. As Zcash remains above the key moving average and breakthrough point, the main trend for the cryptocurrency remains bullish, and the market is closely monitoring its future price movements and new resistance levels that may be encountered.
