Critical Zcash Price Warning — Here’s Why Charts Now Point Toward $100
Zcash faces sustained selling pressure due to a falling channel, OBV breakdown, and declining whale interest, suggesting a potential drop toward $100.Summary
Zcash (ZEC) is experiencing heavy bearish pressure, having lost nearly 35% since late January and trading within a declining channel established since November. This downtrend is supported by several negative indicators: the On-Balance Volume (OBV) support failed on January 29, confirming distribution; whale holdings have dropped significantly (around 36% in seven days); and exchange balances have surged by 160%, indicating tokens are moving to selling venues.
Derivatives activity also shows cooling speculative interest, with open interest falling sharply from a peak of $1.13 billion to about $395 million. Although funding rates remain slightly positive, suggesting some remaining long positions, the low leverage volume means these longs are vulnerable to liquidation, which could accelerate any further price drops.
Key price levels indicate that if ZEC fails to hold support at $230 and subsequently $212, both channel projections and Fibonacci extensions point toward the critical $103 region. Recovery requires reclaiming $286 for short-term stability, but under current bearish conditions, the charts strongly favor a move toward the $100 zone.
(Source：BeInCrypto)