Following an impressive parabolic rally, ZCash (ZEC) has experienced a strong price correction in the last 24 hours, marked by a price loss of 14.54%. As the darkhouse tries to find price stability, renowned market analyst Ali Martinez has postulated on a potential market peak and the following implications.
According to Martinez, ZCash’s sojourn above $700 allowed the token to encounter major resistance around $750, which strongly opposed price movement upon last contact in 2018. Based on the historical trend, ZCash bulls would need to significantly intensify buying pressure to move past this barrier. However, if the $750 resistance zone holds strong, Martinez tips investors to expect a sustained price correction to around $325, indicating a potential 43% decline from the present price level.
At press time, the ZCash trades at $572, reporting a 165.7% gain in the last month.
