Zcash Price Loses a Key Historical Support As 10% Downside Risk Builds
Zcash price is testing the critical 50-day EMA support, signaling potential downside risk toward $371 if the breakdown confirms.Summary
Zcash (ZEC) price has dropped over 6% in 24 hours, breaking below the crucial 50-day Exponential Moving Average (EMA), a level that has historically preceded significant price drops for ZEC. If the daily close confirms this breach, downside risk increases, as past failures below this EMA resulted in sharp declines.
Trader positioning in derivatives markets is leaning bearish, with top traders and whales increasing short exposure, suggesting conviction in further weakness. This bearish sentiment is reinforced by spot market data showing a significant 47% jump in ZEC balances on Solana-based exchanges, indicating coins are moving to exchanges ahead of potential selling.
If the breakdown is confirmed, the immediate support target is near $410, followed by a major downside target around $371, which represents a potential 10% drop. The technical structure would only stabilize if Zcash decisively reclaims the 50-day EMA and pushes above $470.
(Source：BeInCrypto)