ZEC Price Plunges 13% as Bearish Trend Continues
Key Summary
Zcash price has dropped 13% as the token tests a key demand zone between $1036 and $1162, with increasing long liquidations and negative funding rate contributing to the bearish trend. The current demand zone is crucial for bulls, with a sustained rebound needed to stabilize prices and potentially spark a recovery.
Key Points
Zcash price has dropped 13% in the last 24 hours
The token is testing a key demand zone between $1036 and $1162
Increasing long liquidations and negative funding rate contribute to the bearish trend
A sustained rebound from the demand zone is needed to stabilize prices
The current demand zone is crucial for bulls
Implications of reducing inflow could amplify the token's current bearish bias
The network average aggregated Funding Rates have flattened at 1.42%
Increasing long liquidations show that leveraged bullish positions are being forced out as price falls
The signals suggest that buyers have yet to regain control of the short-term trend
A drop below $1,036 will invalidate the bullish formation and cause ZEC to experience more downward pressure
Technicals are suggesting a wait-and-see approach
The ability of ZEC to withstand the demand zone will determine the next move
Kelvin Murithi is a crypto journalist and on-chain analyst covering market structure, price action and blockchain data
He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday crypto investors
Kelvin Murithi is a regular contributor to AMBCrypto, providing in-depth analysis and insights into the crypto market.