- The journey to the south may be sustained in the long-term outlook.
- $56.77 in the demand area is the bears’ targets in days ahead.
ZEC/USD Long-term Trend: Bearish
Supply zone: $120.00, $140.00, $160. 00
Demand zone: $50.00, $40.00, $30.00
The cryptocurrency long-term outlook remains in a downtrend. The bears attained their dominance in last week session with a low at $66.31 in the demand area on 27th July.
The trendline is a strong resistance with a bounce to the downside each time price touches it. The touch came during yesterday session as ZECUSD rose to $75.22 in the supply area.
$56.77 in the demand area remains a target as the momentum increased down south. This was a market correction of the bears’ impulsive move.
The new week is starting on a bearish note at $69.03 with a drop at $66.77 below the two EMAs. It suggests a strong bears pressure on the cryptocurrency in the days ahead coupled with the signal of the stochastic oscillator pointing down at 20%.
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