The cryptocurrency market started the month of July on a positive note. Although June caused significant losses across the market, the positive start to the new month gave many altcoins a new lease of life.
Bitcoin (BTC) rose. 6.26% From the lowest $57,800 Released on July 1, the market cap of altcoins, including Ethereum, expanded by 4.05%.
In a post on X, cryptocurrency analyst Axel Adler Jr. explained that Bitcoin Open interest decreased 23 thousand bitcoinsalthough the net purchase volume was 68 million dollars. The lack of growth in OI, despite strong buying in perpetual markets, indicates a lack of fuel to sustain the upward movement.
Lack of upward follow-through can negatively impact altcoins, including… Zcash (ZEC). The token was high 5.28% Within 24 hours, the rate of interest in it only increased by a percentage 1.33%Which indicates the absence of speculative interest.
AMBCrypto reported that a ZEC whale had opened a file $8.1 million Long position, but price structure remained bearish. Here’s what ZEC bulls need to see before they can bet on a sustained uptrend.
The previous range above $500 is pivotal for a recovery
the One day planner Show the bearish internal market structure. the $486.61 The low price recorded in mid-May fell below the low of the local range, but buyers were unable to defend this demand zone for long.
Subsequent selling waves forced prices lower $400 On two occasions in the weeks following this downward collapse.
At the time of writing this report, it was CMF was in +0.08 To show high buying pressure. recover from $176 Earlier this year it was part of a long-term uptrend, but as things stand,… $480 – $540 The supply zone must be overcome to revive the idea of a bullish recovery.
If, instead, ZEC falls below $360 – $380 Local Support Area Once again, swing traders and investors can expect a continued move towards the next support level at $300.
Final summary
- The local support zone between $360 and $380 and the resistance zone between $480 and $540 were the key battlegrounds for ZEC swing traders to keep an eye on.
- If Bitcoin’s short-term rebound fails to gain momentum, a momentum reversal could hurt ZEC and push it below $400.
