$ZEC Price Action: Key Levels to Watch 📉

$ZEC has encountered strong resistance at both the 20 and 50-day Moving Averages. This technical rejection highlights a dominant bearish sentiment in the current market outlook.

The MACD indicator has consistently remained in bearish territory since December. This prolonged period below the signal line signifies a lack of buying interest and persistent selling pressure.

The recent bounce observed around $364 appears to be a temporary relief rally. It's crucial for traders to recognize that this may not indicate a definitive bottom, with further downside still possible.

Trading volume for $ZEC continues to decline, suggesting dwindling interest and liquidity. Low volume can often exacerbate price movements, particularly during downtrends.

Currently, the 200-day Moving Average at $251 serves as a critical support level. A sustained breach below $251 could trigger a significant bearish cascade. ⚠️

Bulls will need to demonstrate substantial strength to defend this crucial support. Without a clear reversal signal, the downtrend is likely to persist. What are your predictions for $ZEC?

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