Zcash slides over 10% as traders eye $505‑$439 support zone

Zcash (ZEC) fell more than 10% in a single day after a recent breakout rally, entering a correction phase. The decline was driven by a surge in long liquidations worth about $7.84 million and a sharp drop in open interest of over $500 million in the past five days, indicating reduced market participation.

Approximately 57% of positions turned short during the pullback, but the short‑side increase occurred alongside declining activity, suggesting hesitation rather than firm bearish conviction. Analysts highlighted a key imbalance zone between $505 and $439 as the decisive area; defending this range could lead to a healthy pullback, while a break below may trigger a deeper retracement.

Overall, the market reset appears technical rather than a structural breakdown, with traders monitoring the $505‑$439 level for the next price direction.