Zcash (ZEC) continues to face selling pressure as it records the fourth consecutive decline, bringing the total weekly correction to 13%.
The prolonged selling not only pushes ZEC into a critical price zone but also indicates that the market’s “bets” in this area suggest the current downtrend may continue in the coming days.
At the time of update, ZEC is trading around $322, down 3.25% in 24 hours. Notably, trading volume has decreased by 12% to $450 million, reflecting increased caution and weakened market participation. This development indicates a growing sense of apprehension, partly driven by ZEC’s historical price patterns.
Additional 35% decline risk if support breaks
On the weekly timeframe, ZEC is forming a fifth consecutive red candle, reinforcing a negative signal. The last time the price touched the $310 zone, ZEC experienced a strong reversal of up to 70%. However, the current context—from overall market sentiment, geopolitical tensions, to macroeconomic factors—makes the likelihood of a similar rebound scenario less certain.
Source: TradingViewOn the daily timeframe, the price structure shows a downtrend with lower highs and lower lows, while the price is closely approaching the key support zone at $310. Historically, a reversal scenario only becomes convincing if ZEC remains above $310. Conversely, if this level is broken, the next significant support zone could be around $200, representing a nearly 35% decline.
Source: TradingViewIn terms of momentum, the ADX—an indicator measuring trend strength—is at 22.32, below the 25 threshold, indicating that the current trend is not strong enough directionally. Meanwhile, the MFI is around 43, reflecting a neutral state, with no clear dominance from buyers or sellers.
Derivatives market favors short positions
Derivatives data shows many traders are following the prevailing downward trend. According to CoinGlass, leveraged positions are heavily concentrated at $317.8 (below) and $328.9 (above). At these levels, the market records approximately $4.04 million in long positions and $8.99 million in short positions, indicating a bias toward bearish expectations.
Notably, $317.8 could be a sensitive level: if the price falls below this zone, the approximately $4.04 million in long positions could be liquidated, potentially triggering additional selling pressure and accelerating the decline.
Source: CoinGlassIn this context, a widely followed crypto expert also commented on X that if ZEC cannot bounce back from the $290–$300 zone, the price could retreat to the next support at $270. A deeper decline to $200 remains a possibility that cannot be ruled out.
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