The crypto market started July on a positive note. Although June caused huge losses in the market, a positive start to the new month gave new life to many altcoins.
Bitcoin (BTC) gained 6.26% from the lowest level $57,800 It was held on July 1st and the altcoin market cap, including Ethereum, expanded by: 4.05%.
In a post about X, crypto analyst Axel Adler Jr. explained: Bitcoin Open interest fell 23 thousand BitcoinsAlthough net buyer purchasing volume $68 million. The lack of growth in OI despite aggressive buying in the continuous markets indicates that there is not enough fuel to sustain the upward move.
Lack of uptrend could negatively impact altcoins. ZCash (ZEC). coin rose 5.28% Within 24 hours but its OI only increased by 10% 1.33%It is indicative of a lack of speculative interest.
AMBCrypto reported that a ZEC whale opened an exploit. $8.1 million long position, but where the price structure continues downward trend. Here’s what ZEC bulls need to see before betting on a sustainable uptrend:
Old range above $500 crucial for revival
1 day chart It showed a downward trending domestic market structure. $486.61 The mid-May low fell below the low of the local range, but buyers were not able to maintain this demand zone for long.
Subsequent selling waves caused prices to fall below $400 Twice in the weeks since this downward trend.
While writing, CMF was there +0.08 It shows significant buying pressure. Recovery $176 It was part of a long-term uptrend earlier this year but is currently $480-$540 The supply zone needs to be overcome to revive the idea of an uptrend.
If instead it falls below the ZEC value $360-$380 Once the local support zone rises once again, swing traders and investors can expect the move to continue towards the next support level. $300.
Final Summary
- The $360-380 local support zone and the $480-540 resistance zone were the key battlegrounds for ZEC swing traders to watch.
- If the short-term Bitcoin rally fails to gain momentum, a reversal of momentum could hurt ZEC and push it below $400.
