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The popular privacy coin was on a tear earlier this month, rising to a ten-year high of almost $1,700. However, over the next few days, the bears stepped in, and the situation has only worsened in the past 24 hours.<\/p>\n
Currently, ZEC trades just north of $1,400, and many market observers believe the price has yet to plunge much further.<\/p>\n
X user Ardi said he remains bullish on ZEC but added he won’t pretend losing $1,420 wouldn’t matter in this phase of price discovery. The analyst assumed<\/a> that losing this support (as it did) might lead to a sweep toward $1,250 and below, “regardless of where I think Zcash goes this cycle.”<\/p>\n He also noted that it’s easy for people to say they will buy a correction while the price is rallying, yet when it actually starts dumping, some become convinced it has much further to fall.<\/p>\n “They get the lower price. Then they lower their bids again,” Ardi concluded.<\/p>\n<\/blockquote>\n Nick O’Neill also spotted the asset’s pullback, saying “it feels good.” The analyst emphasized<\/a> that going straight up is never healthy, and after such an astonishing bull run, it might be time for ZEC to lose some steam.<\/p>\n “I’m frankly hoping there’s an opportunity to buy ZEC at $1K or lower,” the X user stated.<\/p>\n<\/blockquote>\n The privacy coin has indeed posted a major rally over the past year, with its price exploding by about 2,000% during that period. Key catalysts for the upswing include<\/a> the launch of Europe’s first ZEC ETP, along with other factors you can see here<\/a>.<\/p>\n Meanwhile, the token’s correction coincides with some whales starting to offload their bags. Lookonchain revealed<\/a> that the investor known as Oxf562 sold 25,001 ZEC (worth over $37.8 million), which they purchased two months ago at an average price of $425, realizing a profit of more than $27 million. Such a development may spark panic among smaller players, causing them to dump tokens too and trigger a deeper pullback.<\/p>\n X user Crypto Patel recently spotted<\/a> the formation of a cup-and-handle structure, suggesting that the rise to the $1,600-$2,000 range might have marked the local top.<\/p>\n The analyst then claimed that ZEC has started showing signs of \u201cextreme extension from a psychological perspective,” predicting a potential slump to under $500 in the next 1-3 years. Moreover, they envisioned a crash to $200 if the long-term structure completely reverses.<\/p>\n For his part, Crypto with Haris \u20bf said<\/a> he feels sorry for the ZEC “fanboys.” The analyst believes the asset has already reached its cycle top and forecasts a dip toward $1,000.\u00a0 He also revealed he made over $60,000 in profit on the long, then opened a short position and witnessed the major hype surrounding ZEC.<\/p>\n “My timeline became filled with ZEC holders saying ZEC will go $5K, then $10K, then it will compete with Bitcoin. This is the problem with fanboys. They don\u2019t trade the market; they trade the hype. They follow news, narratives, and green candles, but they never learn what happens after the hype is over. I have seen these cycles many times. Sometimes the best time to sell is exactly when everyone becomes sure it can only go higher.”<\/p>\n<\/blockquote>\n The post Zcash (ZEC) Plunges 12% Daily: Healthy Correction or the End of the Rally?<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
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The Catastrophic Scenario<\/h2>\n
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