This bearish<\/strong> move is also driven by a flush out in the derivatives markets. Data shows an explosion in long position liquidations, coupled with a significant drop in Open Interest<\/strong>. In practical terms, overleveraged traders were wiped out of the market, forcing cascading sell orders that intensified the downward pressure on the order book.<\/p>\n\n\n\n Despite the severity of this decline, the overall market structure does not appear entirely compromised. Analysts view this pullback more as a healthy market reset rather than a definitive structural collapse. Buyers are now waiting for a clear signal to reposition themselves.<\/p>\n\n\n\n However, ZEC has lost its Point of Control (POC), and the Fibonacci<\/strong> retracement points to a potential target between $450 and $390<\/strong> if the bearish continuation persists. Nevertheless, if ZEC manages to reclaim the POC at $565<\/strong> and break through the order block at $589,<\/strong> it would signal the end of this bearish trend.<\/p>\n\n\n\n In terms of technical analysis<\/strong>, all eyes are now on a key imbalance zone. The ZEC<\/strong> price is heading dangerously toward a major support<\/strong> level located between $439 and $505<\/strong>. This accumulation zone is crucial: this is where the bulls must absolutely defend the price to prevent a breakdown of the underlying trend.<\/p>\n\n\n\n If the price manages to bounce off this $440 level, it would validate a classic retracement<\/strong>, offering an opportunity to reignite a bull run toward $785, according to the FBB<\/strong>. Momentum indicators, such as the RSI<\/strong> and the MACD<\/strong>, will however need to show signs of bullish divergence to confirm this scenario. A successful bounce could propel the token back toward its recent resistances<\/strong>.<\/p>\n\n\n\n Conversely, a bearish<\/strong> scenario would unfold if sellers manage to break below the psychological threshold of $439. Such a breakdown would invalidate the current bullish structure and could trigger a new wave of panic, pushing Zcash<\/strong> toward local lows around $390.<\/strong><\/p>\n\n\n\n The $439 to $505<\/strong> zone represents a major inflection point for investors. The most aggressive traders might view this retracement<\/strong> as a buying opportunity ahead of a potential new rally<\/strong>. However, caution remains advised until volatility stabilizes and a reversal candlestick is validated on the daily close.<\/p>\n\n\n\n![\"ZEC](\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/05\/15092158\/ZECUSDT_2026-05-15_09-13-38-1024x764-1.jpg\")
<\/figure>\n\n\n\nWill the support zone between $439 and $505 hold?<\/h2>\n\n\n\n
![\"ZEC](\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/05\/15092202\/ZECUSDT_2026-05-15_09-26-05-1024x764-1.jpg\")
<\/figure>\n\n\n\nIs it a good time to buy Zcash (ZEC)?<\/h2>\n\n\n\n