Zcash price crashes 25% to under $500: what’s next?
The post Zcash price crashes 25% to under $500: what’s next? appeared com. Zcash price has plunged 25% in 24 hours, erasing over $3 billion in market cap amid heavy liquidations. Speculative unwind and profit-taking triggered the crash. ZEC price is under pressure despite hitting a record 4. 96 million in shielded coins in circulation. Zcash price has dropped by more than 25% in the past 24 hours, dipping below the psychologically significant $500 mark. Amid heavy trading that saw daily volume spike by 150%, Zcash fell to lows of $476, paring a notable chunk of the gains in an explosive rally that pushed ZEC to highs of $744. Privacy coins, including Dash, have mirrored the sector lead’s movements. Zcash price crashes 25% to under $500 On Nov. 11, Zcash traded near $484. At the time of writing, this was off lows of $476 but still showed a 25% dip from intraday highs above $600. This dip below $500 and threats of further bearish strength contrast with the outlook just days ago, when Zcash stormed to $744. Zcash price chart by TradingView Investors were attracted by visions of ZEC reaching $1,000; therefore, they poured in billions. This drove trading volumes to unprecedented levels. Meanwhile, the coin’s rise mirrored a broader altcoin frenzy, with Zcash outpacing even established players like Stellar and Bitcoin Cash in market cap rankings. However, amid profit taking, frantic selling has daily volume up 156% to over $5. 14 billion. On-chain metrics also show some shielded ZEC outflows. Per CoinMarketCap, Zcash has a market cap of $7. 89 billion, while data on the network’s page show shielded pool transactions have fallen from near 5 million to about 4. 84 million. Zcash price: What’s next? In terms of price, a bearish double-top pattern has emerged on the 4-hour chart. The price is also below the 50-day exponential moving average, and RSI is dowsloping near 39.
