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ZEC is currently at spot #20 in terms of total market capitalization.
At the time of writing, ZEC price is currently sitting at $141 after a rejection that most cryptos faced over the course of the past 24 hours.
Over the past week, ZEC had formed an uptrend after bottoming out at about $120 or so. It has since tested a couple of resistances and established some temporary support levels. After testing $134 about three times, it retraced to find support at $125 before springing up to the next resistance level found at $142. It has managed to break that after about three attempts as well but has faced the rejection that most coins have faced and broke below the dynamic trend line it has formed going up. It is now sitting just below that support level so we have to wait and see how it behaves.
On the downside, ZEC has to decisively move away from the $142 level, and then below that we're hoping it would find support at $134. If that breaks, it's really left with only one more level at $125.
On the upside, we would first look to see if ZEC can move past $142 and truly establish it as a temporary support before any move up. After that we'd look to see a test of the $155 level.
On the daily chart for ZEC, technical indicators give a very bearish outlook (16 sell, 9 neutral, 1 buy)
On the weekly chart for ZEC, technical indicators give a better but still bearish outlook (12 sell, 9 neutral, 1 buy)
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