Zcash price pump to $311 might have been its last breath of strength before a deeper pullback. Analyst Henry warned that the coin “looks cooked,” pointing out that the $311 wick acted as exit liquidity for late bulls.
With ZEC now hovering around $269, the momentum that fueled its sharp recovery seems to be fading fast.
The 4-hour chart shows a clear shift in sentiment. After touching the local high, ZEC price printed a sharp rejection candle followed by a series of lower highs.
Buyers are struggling to maintain control, and the short-term moving averages are now flattening, a classic sign of market exhaustion. The price is clinging to the $268–$270 area, but each bounce is looking weaker than the last.
ZEC Chart Technical Analysis
Henry highlighted a bearish pattern forming on the chart, suggesting that ZEC could be setting up for another leg down. The structure resembles a distribution phase, where traders use every bounce to exit positions rather than add new ones.
The 7 EMA is crossing below the 25 EMA, showing short-term weakness, while volume has declined notably since the rejection at $311.
If the current support zone breaks, the next major demand area sits around $245, where ZEC price last consolidated before its breakout. A move below that could bring the longer-term 99 EMA near $216 into focus.
Moreover, Henry called the latest green candle a “dead cat bounce,” implying temporary relief before another drop. He cautioned that unless bulls recover the $300 level soon, the sentiment will decisively turn in favor of the bears.
This sentiment is representative of the general market mood, where the traders have turned gun-shy following a string of sharp rallies on most altcoins.
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Zcash Key Level to Watch
The $300 resistance now acts as a line in the sand. Regaining it would invalidate the bearish setup and restore confidence among bulls.
However, failure to reclaim that level could invite another wave of selling pressure, sending ZEC price toward the mid-$240 range or lower.
For now, the ZEC trend looks vulnerable. Momentum has subsided, volume has dried up, and short sellers are growing increasingly confident. The next few sessions will most likely decide whether this is just a temporary slowdown, or the start of a more unpleasant correction.
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