A new week has started with the rise of the market, according to CoinMarketCap.
ZEC/USD
The rate of ZEC has risen by 5.29% over the past day.
On the hourly chart, the price of ZEC is closer to the support than to the resistance. If bears' pressure continues, one can expect a level breakout, followed by a further correction to the $600 area.
On the longer time frame, the rate of ZEC has made a false breakout of yesterday's bar's peak.
If the daily candle closes far from that mark, there is a high chance of witnessing an ongoing decline to the $550-$600 range. Such a scenario is relevant for the next few days.
From the midterm point of view, the price is far from key levels. In this case, one should focus on the resistance of $750. If the weekly candle closes below that and with a long wick, sellers may seize the initiative, which may lead to a drop to $400-$500 area.
ZEC is trading at $628.14 at press time.
