Key Insights:
- Zcash analysts say the current correction is still in progress despite the recent price recovery.
- Key support sits between $90 and $203, while major resistance remains at $800.
- Santiment says social activity has stayed low even as ZEC rebounded nearly 29% from its June low.
Zcash (ZEC) price is back in the spotlight after fresh market analysis pointed to important support and resistance levels. While the recent recovery has improved sentiment, analysts believe the current correction is still in progress, with several price levels likely to decide the next major move.
Zcash (ZEC) Price Faces Key Levels Before Any Move Toward $800
Zcash crypto remains in a correction despite its strong price recovery in recent weeks, according to chart analysis shared by MCO Global. The analyst said the larger market picture still points to a wave four correction.
In the preferred view, Zcash (ZEC) price is forming a triangle pattern that could keep the price moving within a range before the next major trend begins.
Another possible outcome is a WXY correction. If that happens, the Zcash price may fall into a major support area before turning higher again. Although the two views follow different paths, they both suggest the same thing. The correction has not finished yet.
The analysis placed the main support zone between $90 and $203. On the upside, the major resistance level remains around $800. The analyst also noted that the middle of the range is not an attractive place for new trades because the reward may not justify the risk.
The weekly chart also highlighted Fibonacci retracement levels at 38.2%, 50%, and 61.8%. Those levels sit inside the support area and may provide the base for the next upward move once the correction ends.
On the four-hour chart, the ZEC price has been trading around the $450 to $470 area after a sharp rally. Price has slowed in that region as traders wait for a clearer direction.
For now, attention remains on whether buyers can keep defending the support area. A strong hold above those levels would keep the longer-term outlook unchanged, while a break below them could lead to another leg lower before the correction is complete.
Zcash Crypto Support Area Draws Attention As Network Upgrade Nears
Technical charts are not the only reason traders are watching the Zcash (ZEC) price. The recent recovery has also come as work continues on Ironwood, a network upgrade linked to the Orchard shielded-pool issue that affected the project earlier this year.
The flaw was one of the reasons behind the sharp drop in June. Now, developers say Ironwood is close to formal verification, a process meant to confirm that the problem has been fully addressed.
During the June sell-off, the ZEC price dropped to about $362. Since then, the price has climbed to around $467, a gain of roughly 29%. That recovery has helped improve market confidence, but analysts still believe the chart needs more time before the correction can be considered complete.
Because of that, both the technical picture and network progress are being watched together as traders look for signs of the next move.
Social Volume Remains Low After ZEC Price Recovery
Data from Santiment shows that public interest in Zcash crypto has stayed quiet even as the market recovered. On June 5, social volume reached 1,116 mentions.
That was the highest level recorded in a month and came on the same day the price found its recent low near $362.
Since then, daily mentions have mostly stayed between 24 and 69. News that Ironwood is nearing formal verification briefly lifted activity to 69 mentions before it dropped back to 29 the next day.
Santiment said the loudest discussion happened at the market bottom. The latest recovery, however, has taken place without the same level of attention.
For now, the Zcash (ZEC) crypto price continues to trade well above its June low. Whether it can eventually challenge the $800 resistance may depend on how the current correction ends and whether buyers continue to defend the key support levels.
However, given the ongoing volatile scenario in the market, investors should exercise due diligence while putting their bets into the market.
