The cryptocurrency market is witnessing renewed turbulence as Zcash (ZEC) experienced a sharp downturn in recent trading sessions. Data shows ZEC briefly dipped below the $385 mark, reaching a low near $383, with the current price around $387.87 — a 21.24% drop over the past 24 hours.
Technical Outlook: Key Support Level Broken
This decline indicates a loss of critical support, shifting momentum firmly into bearish territory. Short-term moving averages are turning downward, while the RSI has entered oversold conditions, signaling intense selling pressure.
- Trading volume surged, reflecting heightened panic selling
- Battle between bulls and bears intensifies; $375 may emerge as next support
- On-chain activity shows increased large transfers, possibly indicating institutional rebalancing
Market Outlook: Prepare for Continued Volatility
While ZEC’s long-term fundamentals remain intact, short-term sentiment has been heavily impacted by broader market weakness. Traders are advised to manage exposure carefully and watch the $380–$375 zone for potential stabilization. Failure to regain momentum could lead to further downside pressure.