Foreign media analysis suggests that Zcash has rebounded above $350 after a sharp drop, but this recovery has not yet formed a clear reversal. Previously, news related to the Orchard vulnerability dampened market sentiment, causing ZEC to briefly fall below $300, before bargain hunters entered the market, driving a rapid price recovery.
Support appeared around $300
The article mentions that ZEC had previously fallen rapidly from around $600, reaching a low of nearly $298. The price rebounded after finding support in this area, indicating continued buying interest at lower levels. The trading volume increased simultaneously with the decline and rebound, showing a significant rise in market participation.
However, while the price has returned above $350, it remains below key resistance. From a short-term perspective, this appears more like a correction after a significant pullback than a complete trend reversal.
$392.83 remains a short-term resistance level.
The article argues that $392.83 is the key level to watch next. If buying pressure can push the price back above this level, market sentiment may continue to improve, opening up further upside potential.
If a breakout fails to materialize, the current rebound may become a temporary correction, and selling pressure could intensify again. At that point, the area around $298 will remain a crucial support level for determining whether the trend has weakened again.
- Current key focus: Resistance at $392.83
- Key support level below: around $298
- After rebounding, the price briefly returned to around $357.
Foreign media reports suggest the trend remains fragile.
Based on the technical signals presented in the article, the bearish pressure has not completely subsided. Although some momentum indicators have recovered from the oversold stage, the overall picture does not show that a sustained upward trend has been established.
The article also mentions that if the price can effectively break through $392.83, it has the potential to further test the $680 to $714 range; conversely, if it falls below $298 again, the current rebound narrative will be weakened, and the market may re-enter a downward phase.
Overall, ZEC volatility is likely to remain high in the short term, and the next few trading sessions will determine whether this rebound continues or stalls again before reaching resistance levels.
