Zcash cryptocurrency can be expected to fall further to the next round support level 500.00 (former resistance from the start of July).
- Zcash reversed from resistance area
- Likely to fall to support level 500.00
Zcash cryptocurrency recently reversed down from the resistance area located between the pivotal resistance level 540.00 (which stopped the previous correction a in the middle of June, as can be seen from the daily Zcash chart below), upper daily Bollinger Band and the 61.8% Fibonacci correction of the sharp downward impulse 1 from the middle of May. The downward reversal from this resistance area stopped the previous minor impulse wave c of the ABC correction 2 from the start of June.
Given the strength of the resistance level 540.00 and the bearish sentiment seen across the crypto markets today, Zcash cryptocurrency can be expected to fall further to the next round support level 500.00 (former resistance from the start of July).
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