The Biggest Zcash Strength Is Now a Weakness as Buying Collapses 97% —Breakdown Next?
BeInCrypto
Zcash is falling despite market gains because its negative correlation with Bitcoin has become a liability, coupled with a 97% collapse in buying pressure.Summary
Zcash (ZEC) is significantly underperforming the broader crypto market, dropping over 40% weekly, because its historical strength—a negative correlation with Bitcoin—is now a weakness as BTC rises. This structural disadvantage is compounded by a massive 97% collapse in exchange outflows (buying demand) between December 1st and 2nd. Technical indicators show a bearish 20-day EMA is nearing a cross below the 50-day EMA, signaling potential further decline. However, selling pressure has recently begun to ease, mirroring a pattern seen before a major rally in October. Key price levels to watch are support at $299 and $210, while a recovery attempt requires reclaiming the $426 resistance level.
(Source：BeInCrypto)