ZEC Plunges 7%; Key Support Levels in Focus
TradingKey – ZEC has surged over 200% in the past month but is now facing resistance near $180, signaling potential further pullbacks.
On Tuesday, October 7, privacy tokens experienced a broad market correction, with ZEC halting its upward trend and falling more than 7% intraday. Yesterday, ZEC rallied to $177, reaching its highest level since April 2021.
ZEC Price Chart, Source: TradingView.
Over the past month, ZEC's more than 200% gain has been driven primarily by the launch of Zashi CrossPay, updates from ThORSwap, and renewed market interest in privacy-focused cryptocurrencies.
From a technical perspective, ZEC is encountering selling pressure around $180, with several consecutive days of long upper wicks indicating resistance. This is likely to curb further upside in the near term, with expectations of continued consolidation to the downside and a possible correction toward the $120 level.
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