ZCash (ZEC) finds itself in a tough situation after the cryptocurrency market had snapped in the first days of September and turned what appeared as a common retracement into a full-blown correction.
ZEC’s YTD chart
ZEC had been doing great after the infamous meltdown in March, going to the upside in the tight but predictable channel until it met the resistance at $60, which had been conquered decisively at the re-test. Upon that, ZEC went on its second big bull rally of the year, which also turned sour for the privacy coin as it capitulated and went down by 51.5% in a span of 49 days since the beginning of the fall season.
Obviously, such an intense bearish pressure sent the uptrend structure tumbling as the price had failed to establish a new higher low and dropped to $52. ZEC has so far made two attempts to recover from such a blow, but both of them were brought to a halt near $65, though the occurrences in the past two weeks give us reason to believe a deeper correction may not be at play here.