Zcash (ZEC) Price Analysis for November 13
Most cryptocurrencies' rates are in the red today, except for ZEC, which has risen 7.42% in the last 24 hours. ZEC broke the $489.41 support level briefly but may test the $470-$480 range if bears regain control. On a longer timeframe, ZEC is trading sideways between $450 and $550, suggesting neither side is dominating. Midterm, the price is within a wide channel between $298 and $750, with reduced trading volume indicating low chances of major price swings. ZEC is currently trading at $501.
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Market Overview
The rates of most of the coins remain in the red zone today, according to CoinMarketCap. ZEC/USD, however, is an exception to the rule as its price has risen by 7.42% over the last 24 hours.
Short-Term Analysis
On the hourly chart, the price of ZEC has made a false breakout of the local support set at $489.41. However, if the daily bar closes near that mark, bears may again seize the initiative, potentially leading to a test of the $470-$480 range.
Long-Term Outlook
On the longer time frame, the rate of ZEC has also bounced off the support level of $440. However, the price remains far from key levels, indicating that none of the sides is currently dominating. In this scenario, sideways trading in the range of $450-$550 is the most likely outcome.
Midterm Trend
From the midterm perspective, the situation mirrors the long-term outlook. ZEC's price is situated in the middle of a wide channel between the support of $298 and the resistance of $750. Additionally, the volume has dropped, signaling that traders are unlikely to see sharp price surges or drops in the near future.
Current Price
At the time of writing, ZEC is trading at $501.