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Zcash undergoes price correction following major rally
Zcash (ZEC) is experiencing a price correction following a significant rally that saw the asset rise from approximately $450 to a peak near $1,750. Recent trading has seen the price retreat toward the $1,300–$1,500 range, with analysts noting increased selling pressure and profit-taking.
Technical indicators show a mixed outlook. While the Relative Strength Index (RSI) has entered overbought territory, suggesting a potential for a deeper pullback, some analysts maintain that the broader upward trend remains intact as long as the price stays above key moving averages. Key support levels are currently identified between $1,200 and $1,400, while resistance sits near the $1,450–$1,500 zone.
Market activity includes notable capital flows, such as a $30.25 million net outflow from the Grayscale Zcash ETF on September 30, though the fund maintains a cumulative net inflow of approximately $268 million since its launch. Additionally, reports noted the movement of approximately $3.9 million in ZEC to the Shield pool, the asset’s privacy-preserving feature, following a Bitget-related security incident, though a direct causal link to the price decline has not been confirmed.
Entities
Bitcoin.com · Bitwise · CoinGecko · Grayscale · NEAR Protocol · Zcash
Claims
What the coverage asserts, and how many sources carry each claim.
- [DISPUTED] Zcash (ZEC) has experienced a 289% rally, rising from $450 to $1,750 in six weeks. u.today
- [○ 1 SOURCE] ZEC market capitalization stood near $24.27 billion following a 9.59% decrease.
- [○ 1 SOURCE] The Relative Strength Index (RSI) for ZEC is in overbought territory at 75+. u.today
- [○ 1 SOURCE] Key support levels for ZEC are identified near $1,400 and the $1,360–$1,380 range.
- [○ 1 SOURCE] Trading volume for ZEC rose 64.48% to $1.87 billion during a period of intensified selling.
- [DISPUTED] ZEC price recently fell to approximately $1,437.06, representing a 9.61% decline.