Zcash (ZEC) is currently testing the lower boundary of a falling wedge on the daily chart on Monday, March 9, marking a critical support zone.
According to the crypto analyst Jonathan Carter, traders are closely watching price action as the token interacts with this level, which could determine whether bearish pressure continues or a bullish reversal emerges, signaling a potential shift in market sentiment.
Technical indicators suggest support is holding firm, with buyers defending key levels. Volume is gradually increasing, showing rising interest in the asset.
Reversal signals are beginning to appear, including bullish candlestick formations and momentum oscillators pointing toward potential upward movement. These early signs hint that ZEC could be preparing for a meaningful recovery if the wedge pattern holds.
Also Read: ZEC Price Prediction: Will Zcash Crash Further in 2025?
Upside targets are also coming into the limelight for traders to consider, lying at $244, $312, and $400. Long-term price targets for the token lie at $542 and $717.
These prices represent historical price points for the asset. In the event that ZEC bounces off the wedge, these targets will serve as a guide for the price to move upwards.
Source: Jonathan Carter’s X Post
Market sentiment is still cautiously positive, and the buyers are supporting the price at the lower boundary of the wedge. If the price manages to bounce back, there could be an increased bullish trend, as seen in the falling wedge pattern.
However, a breakdown below the support could invalidate the setup and push the price to deeper retracements. Traders are recommended to watch the market for the next move of Zcash.
According to TradingView, as of Monday, March 9, the RSI level for ZEC is at 50.92. The level is an indication of significant recovery from past oversold levels.
The upward movement is an implication of the changing trend as buyers are now in control. Having crossed the signal line, the RSI is expected to rise further before becoming overbought and continuing with the present short-term trend.
Source: TradingView
The MACD also reinforces the positive change in trend through the bullish crossover, where the blue line is moving upwards towards the zero line. As the indicator moves upwards, the histogram has also moved into the green zone, showing the increased buying force.
Although the indicator is still in the negative zone, the reduced distance between the two lines indicates that the recent bearish pressure is weakening in favor of the buyers.
Also Read: ZEC Price Analysis: Bulls Aim for $606.73 Target After Holding Critical Support
