Bulls are back in the game on the first day of the weekend, according to CoinStats.
ZEC/USD
Unlike most other coins, the rate of ZEC has declined by 23.59% over the last 24 hours.
On the hourly chart, the price of ZEC is near the local support of $528.55. If a bounce back does not happen, traders may see a further drop to the $500 zone by tomorrow.
On the bigger time frame, bulls have failed to maintain growth after yesterday’s bullish candle.
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If the daily bar closes near the $525.17 level, the correction is likely to continue to the $450-$500 range. Such a scenario is relevant for the next few days.
From the midterm point of view, one should focus on the weekly bar closure in terms of its peak at $750. If it happens far from that mark, there is a chance to see a drop to the $300-$400 zone.
ZEC is trading at $532.38 at press time.