Why Zcash Could Be Vulnerable To A 50% Breakdown | Crypto News
The cryptocurrency market continues to bleed, with the entire market cap now hovering around $2.89 trillion. Zcash (ZEC), one of the privateness tokens daring to defy the fearful market sentiment, has skilled a regular, uneven price motion as market forces wrestle to set up control. Interestingly, a distinguished market analyst with the X username PlanD has found vital bearish potential on the horizon.
Related Reading: Why is Zcash Surging? Analysts Break Down the ZEC Rally and What Comes Next
Zcash To Fall To $281 – Is The Party Over?Â
Despite its efficiency amid the overall crypto market correction, Zcash struggles to break past a formidable barrier in the $750 price zone. In the last week, the privateness coin skilled this rejection in the 2 cases it climbed above the $700 price mark.Â
According to PlanD, ZEC’s a number of rejections are also threatening the viability of an ascending channel that started in October. Notably, Zcash has damaged below the decrease boundary of this channel at $672, in successive moments, signaling growing bearish stress and weakening upward construction. If the market bears assume a dominant hand of the privateness coin, PlanD is projecting a price crash to around $281, indicating a potential 50% price loss from the current market costs. PlanD’s prediction is comparable to that by fellow analyst Ali Martinez, who has since tipped ZEC may appropriate to around $325, following its struggles at the $750 price zone.
However, while technical indicators level to an impending price collapse, strong basic developments present bullishness for a steady price uptrend. These embrace institutional endorsements as Cypherpunk Technologies, backed by Tyler and Cameron Winklevoss, which has not too long ago launched a $50 million Zcash treasury strategy. Furthermore, the upcoming Zcash halving event, slated for November 28, provides another layer of bullish undertone as an increase in token shortage is anticipated to drive demand stress and subsequently increase costs.
ZEC Price OverviewÂ
At the time of writing, Zcash trades at $490.52, reflecting a drastic 24.11% decline in the past 24 hours as whole crypto liquidation crossed $1.9 billion. Meanwhile, daily trading quantity is down by 6.1% and valued at $2.24 billion.Â
Nevertheless, ZEC’s month-to-month efficiency stands at a staggering 99.41% representing the coin’s defying bullish efficiency during a time when the entire crypto market cap has diminished by 28%. In the last yr alone, the privateness coin has surged by 928%, highlighting a outstanding and sustained bullish trajectory.
With a market cap of $7.8 billion, ZEC now ranks as the thirteenth largest cryptocurrency in the world.Â
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