The market is mainly red on the first day of the weekend, according to CoinMarketCap.
ZEC/USD
The rate of Zcash (ZEC) has fallen by 3.60% over the last 24 hours.
On the hourly chart, the price of ZEC is going down after a false breakout of the local resistance of $472.59. If bears’ pressure continues, one can expect an ongoing drop to the $438 support.
On the bigger time frame, the picture is more bearish than bullish as the rate remains near the support level.
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If buyers cannot seize the initiative, there is a high chance of a more profound decline to the $400 area.
From the midterm point of view, the situation is similar. If a breakout of the $440 level happens, the accumulated energy might be enough for a move to the $350-$400 range.
ZEC is trading at $456.60 at press time.