The rates of most of the coins remain in the red zone today, according to CoinMarketCap.
Top coins by CoinMarketCapZEC/USD
ZEC is an exception to the rule as its price has risen by 7.42% over the last 24 hours.
Image by TradingViewOn the hourly chart, the price of ZEC has made a false breakout of the local support of $489.41. However, if the daily bar closes near that mark, bears may again seize the initiative, which may lead to a test of the $470-$480 range.
Image by TradingViewOn the longer time frame, the rate of ZEC has also bounced off the support of $440. But the price remains far from key levels, which means none of the sides is dominating.
In this case, sideways trading in the area of $450-$550 is the most likely scenario.
Image by TradingViewFrom the midterm point of view, the situation is similar. The price is in the middle of the wide channel, between the support of $298 and the resistance of $750. The volume has dropped, which means traders are unlikely to witness sharp ups or downs.
ZEC is trading at $501 at press time.
Source: https://u.today/zcash-zec-price-analysis-for-november-13
