Zcash has moved closer to the $401 price level. ZEC’s trading volume has jumped by over 105%. The bears are gaining more strength, day by day. The crypto market has been in the red zone, triggering the assets to lose momentum. The overall market sentiment is fearful, with the market cap slipping 4.29%. All the assets are facing difficulty breathing in the bear’s hands. Among them, Zcash (ZEC) has taken one of the spots on the trending coins list. In the morning hours, the asset traded at a low of $377.52, and the bullish turn has sent the ZEC price to a high of $480.76. The asset has likely tested the crucial resistance zones between $379 and $478. With the asset spiking by over 2.24%, Zcash trades at around the $401.41 mark. The market cap is staying at $6.54 billion, with the daily trading volume of ZEC exploding by over 105%, reaching the $1.88 billion level. In addition, according to the Coinglass data, the market has experienced an event of liquidation of $16.99 million worth of Zcash during the last 24 hours. Zcash Slips Into the Red — Is a Deeper Drop Ahead? The 4-hour price chart of the ZEC/USDT trading pair exhibits a brief negative outlook. The price might immediately fall and test the nearby support at the $398.53 range. With the extended bearish pressure, the death cross could pop up, driving the price to a low of $396.26 or even lower. Upon a bullish shift, the Zcash price could move up to the resistance at $403.85. Further bullish correction might initiate the golden cross and push the asset’s price up above $405.79. ZEC chart (Source: TradingView) Moreover, Zcash’s technical analysis reports that the MACD line has crossed briefly below the signal line, which implies bearish momentum in the market. If the crossover holds, it can be an early sign of a bearish move. ZEC’s CMF indicator is positioned at 0.09, pointing out mild buying pressure in the market. Notably, the positive value reflects that the capital is flowing into the asset rather than out. It shows accumulation, but not at an aggressive level. The daily RSI of ZEC at 50.93 indicates a neutral market momentum. Since it is sitting near the midpoint, it does not suggest the market is either overbought or oversold. The market is currently balanced, with no strong bullish or bearish dominance. Zcash’s BBP reading of -7.07 suggests that bears currently have the upper hand. The selling pressure is stronger than the buying strength. The lower the number, the stronger the bearish momentum gets.