Zcash Slips Into a 30% Breakdown Zone: What Went Wrong with ZEC?
Zcash price is facing a potential 30% drop following a governance shock that collapsed sentiment, despite large holders quietly accumulating.Summary
The Zcash (ZEC) price is under significant pressure, having broken down from a head-and-shoulders pattern on the 12-hour chart, projecting a potential downside target near $253, representing over a 30% move. This technical breakdown was exacerbated by a collapse in positive sentiment, which dropped over 90% following a governance shock. Concurrently, ZEC lost support at its 200-period Exponential Moving Average (EMA), and short-term momentum indicators have crossed bearishly.
In contrast to the market's fear-driven selling, large holders (whales) have been aggressively accumulating ZEC during the decline, increasing their balances by nearly 17,000 ZEC worth about $6 million over the past week. This divergence shows long-term players buying while retail sells into fear.
The price is at an inflection point; a break below $361 would confirm further downside toward the $253 target. To invalidate the bearish structure, Zcash must reclaim and hold above the 200-period EMA, followed by resistance levels near $407.
(Source：BeInCrypto)