During the December rally, Zcash hasn’t been the top choice for investors, although it showed a healthy 500% gain, reaching USD 813. On a corrective move down ZEC/USD lost almost 70% and was stopped at the 76.4% Fibonacci retracement, hitting USD 254 low.
Price failed to close below that support and what is, more importantly, 8/1 Gann Fan trendline was rejected with surgical precision. This is the key support and it has been rejected, suggesting the continuation of the uptrend.
Fibonacci retracement level applied to the last correction down as well as prior corrective wave after the downtrend trendline breakout shows that the strong resistance is at $1500 area, that is nearly 300% growth potential. At the same time, $1000 area resistance could be an obstacle as it also is a potential technical resistance and a strong psychological round number.