Zcash Price Struggle Below $400 Is Down To Bitcoin, Here’s How
Zcash price dropped below $400 due to weakening correlation with Bitcoin and significant long liquidation risks near $300.Summary
Zcash (ZEC) experienced a sharp 16% decline, pulling its price below the $400 mark and delaying its attempt to reclaim higher levels. A key factor contributing to this struggle is the slipping correlation with Bitcoin (BTC); a negative correlation means ZEC is not moving in tandem with BTC, introducing risks where ZEC might not benefit from broader market rallies. Furthermore, ZEC holders face elevated liquidation risk, with nearly $17.49 million in long contracts exposed if the price drops to $300 or below, which could accelerate downward movement. Currently trading around $339, ZEC faces resistance, with a potential fall toward the critical $300 support level. A sustained recovery requires stabilizing at $344 and breaking above $403 to invalidate the current bearish outlook.
(Source：BeInCrypto)