Zcash Price Snaps Back 6% – 50-Day SMA in Sight

Zcash (ZEC) rebounded on Tuesday, trading in a range of about $1,118 to $1,232 after opening at $1,151 and breaking above the upper boundary of a short falling channel, though the daily candle had not closed. The move followed a correction from a late-September peak near $1,690 to the 0.382 Fibonacci retracement level around $1,140, which held for roughly a week despite wicks toward $1,050 after a rally from about $254 in early June. ZEC was around $1,224, still below its 50-day simple moving average near $1,270 and the 0.236 Fibonacci level near $1,350.