ZEC Market Analysis

After reaching a peak of 555.57, the price pulled back and then showed a oscillating downward trend, dropping to a low of 487 and breaking below the key level of 492; short-term bearish momentum is dominant. Once the 492 support level is broken, the short-term downward pressure further increases.

The upper resistance is seen at the previous oscillation platform in the 520 - 530 range, while the lower support is initially at the 480 - 490 range. If further broken, the next support levels are around 461, and possibly testing near 434.

Trading Suggestions:

For those holding short positions, continue to hold with targets around the 480 - 490 range, but beware of a technical rebound after overselling;

If the price reclaims and stabilizes above 500, consider adding long positions;

If the 480 support is broken, consider short positions targeting 461 and 434.