ZEC Token Sees 3.16% Drop Amid $72M Short Squeeze and Surging Trading Volume on Binance

ZECUSDT experienced notable volatility in the past 24 hours, with the price declining by 3.16% to 656.38 USDT from an open of 677.80 USDT on Binance. The recent price change is attributed to a combination of market events: a $72 million short squeeze increased buying momentum, while overall crypto market sentiment remained cautious, as reflected by persistent "Extreme Fear" and concentrated capital flows into major assets like Bitcoin. Despite these conditions, Zcash demonstrated robust trading activity with a reported 24-hour volume of 61,871 ZEC on Binance, alongside a broader surge in trading volumes across exchanges and a market capitalization above $10 billion. The price remains above key moving averages, indicating continued bullish undertones, though the uptrend has moderated intraday and faces initial support around 652.74 USDT.