Zcash (ZEC) has experienced a 147% price increase year-to-date, outperforming Bitcoin and Ethereum over the past 10 months. However, short-term charts now indicate rising selling pressure for the privacy coin, as traders look to secure accumulated profits.
Technical analysis shows ZEC has fallen below short-term moving averages, though the daily chart remains stable with an RSI of approximately 55. Key support levels are identified at $1,249 and $1,131, while resistance levels are set at $1,354 and $1,405.
Bitcoin is currently trading near $76,000 with an RSI of 38.5. A drop below $74,845 could lead to a decline toward $73,253. Meanwhile, Ethereum trades near $2,247, with support at $2,197 and resistance at $2,265.
The Zcash network recently implemented the NU7 upgrade, which may introduce additional volatility. Market observers are monitoring whether the current weakness in ZEC will persist on daily charts and if Bitcoin and Ethereum will experience further downward pressure.
