2026-02-05 21:31:29

Is $ZEC ‌ actually trying to find a bottom here or is this just a fake out?

Look at this chart. Zcash is down a massive 17% today and currently sitting at 216.44. We just came off a 24h high of 262.02, so that drop was incredibly fast and painful for anyone holding.

The price action is showing a very clear staircase to the downside. We just bounced slightly off the 205.34 support level, which is the only thing keeping us from a total freefall right now.

Volume is decent at 144M USDT, but most of that candle color is red, meaning sellers are still very much in control.

If we can't hold this 200 to 205 zone, we might be looking at a much longer trip down. I'm watching for a bit of consolidation here before even thinking about a move.

Patience is the only way to survive a market like this.

#GateJanTransparencyReport

ZEC-16,86%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.