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Zcash (ZEC) Price Analysis for November 26
Source: CryptoNewsNet Original Title: Zcash (ZEC) Price Analysis for November 26 Original Link: Most coins are trading in the green zone today, with Zcash (ZEC) being a notable exception, falling by 0.5%.
Technical Analysis
On the hourly chart, ZEC’s rate is near the local support of $491.52. If a bounce back does not occur and the daily bar closes near that mark, a level breakout can be expected, followed by a further drop to the $480 zone.
On the longer time frame, the price of ZEC remains under sellers’ pressure. If bulls lose the $500 zone, accumulated selling energy might trigger a more profound decline to the $400-$450 range.
From a midterm perspective, traders should focus on the weekly bar’s closure relative to the previous candle low at $475. If bulls cannot regain control, a test of the $400 mark could be imminent.
ZEC is currently trading at $504.