Zcash retests $56 as resistance; these Fib levels can serve as support - Aliens: AI Crypto News & Markets Updates
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Zcash retests $56 as resistance; these Fib levels can serve as support

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AMB Crypto

Fri, Jul 01, 2022

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At that time, the price fell below the $160 area, which had formerly been a support level.

In the following weeks, the price slowly bled and slid lower down the charts to trade at $52.7 at the time of writing.

The aforementioned bounce from $69.5 to $116 was used to plot a set of Fibonacci retracement levels.

ZEC has broken beneath each one of them, and in the past two weeks, has also retested $70 as resistance.

$52.9 was then a support level, and further southward, $50 and $40.4 were plotted as the next Fibonacci extension levels to watch out for.

Since $50 was a psychological support level as well, it could halt the bearish pressure for a few days.

However, the On-Balance Volume (OBV) continued to hold onto a support level from May. If the OBV dipped beneath the support, and ZEC also dropped beneath the $50 mark, it could be a sign that further losses were likely for Zcash.

$40.4 was highlighted as a Fibonacci extension level where a bounce could occur.

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