The broader cryptocurrency market remains under pressure, with total market capitalization slipping 1.68% over the past 24 hours to $2.1 trillion. Several altcoins, including Zcash (ZEC), Cardano (ADA), and Pi Network (PI), have been hit particularly hard, with technical indicators pointing to potential further downside.
Zcash Price Analysis: Head-and-Shoulders Pattern Emerges
Zcash has declined sharply from a high of $685 on May 20 to the current $400, erasing significant value in just two weeks. The privacy-focused token has formed a head-and-shoulders pattern, a classic bearish reversal signal in technical analysis. It has also fallen below the Major S/R Pivot Point on the Murrey Math Lines and is now trading near the Strong, Pivot, Reverse level.
The 50-day moving average has been breached, indicating that sellers are in control. The Average Directional Index (ADX) continues to rise, confirming the strength of the downtrend. If the pattern plays out, Zcash could target the psychological support at $300. However, some analysts note that the current price action may also be forming the handle of a cup-and-handle pattern, which could eventually lead to a rebound. For more on recent Zcash price action, see Zcash Dips to $530: Can Bullish Funding Rates Drive a Rebound to $690?
Cardano Price Prediction: Support Broken, Weak Fundamentals
Cardano has been under intense selling pressure, breaking below the critical support level at $0.2330—a level that had held since December 2022. This breakdown is a bearish signal, and the token has since fallen to a record low. It remains below its 50-day moving average, and momentum is accelerating to the downside.
Cardano's weak fundamentals compound the technical weakness. The network is widely criticized as a ghost chain with limited real-world adoption. If the downtrend continues, ADA could drop below the key support level of $0.100. For context on recent Cardano developments, see ADA Traders Turn Bearish Despite Cardano's Van Rossem Hard Fork Success and Cardano Whale Holdings Hit 25.65B ADA Ahead of July 18 Van Rossem Hard Fork.
Pi Network Price Prediction: Record Low Despite Upgrades
Pi Network has slumped to its all-time low, continuing a decline that began after its mainnet launch in February last year. The latest leg down started in March following a listing on Kraken, which failed to generate significant demand from U.S. investors. Despite ongoing network upgrades—including smart contract capabilities and AI-focused improvements—the price has continued to fall.
Technical indicators are bearish: Pi has broken below the Strong Pivot Reverse level on the Murrey Math Lines and is trading under its 50-day moving average. The Relative Strength Index (RSI) is oversold, but this has not yet triggered a reversal. The next key support level is at $0.100. For more on Pi Network's recent price action, see Pi Network Holds $0.073 Support as Protocol v25 Upgrade Nears; Oversold RSI Hints at Relief.
Overall, the technical outlook for Zcash, Cardano, and Pi Network remains bearish. Investors should monitor key support levels and broader market sentiment for potential reversal signals.
This article is for informational purposes only and does not constitute financial advice.
