Key takeaways

• $ZEC is still struggling under the $477-$500 zone.
• Although momentum indicators show signs of stabilization, Zcash remains vulnerable to further downside as investors react to persistent macroeconomic uncertainty and rising rate-hike expectations.

Zcash ($ZEC) remains under pressure on Thursday as bearish sentiment continued to dominate the cryptocurrency market. $ZEC is facing mounting resistance beneath the $500 mark as investors reduce exposure to risk assets.

Fed’s policy stance causes a negative market reaction

The broader crypto market weakened following remarks from Federal Reserve Chairman Kevin Warsh during his first post-meeting press conference on Wednesday.

Although the Federal Open Market Committee…