💥 Zcash Looked Ready to Explode - So Why Is It Dumping Instead?
$ZEC seemed primed for a breakout after the Grayscale ETF filing - but instead, the price slipped, volume dropped, and the market suddenly lost interest.
🚨 Market Snapshot
• 💸 Price: ~$470
• 📉 24h: –7.8%
• 📉 7 days: –28%
• 📈 30 days: +37%
🚨 Technical Breakdown
• 📊 RSI surged above 80 in November → clear overbought signal
• 📉 Price broke out of the rising channel
• 🔻 Fell below a symmetrical triangle
• 🤦 Retail FOMOed into futures at the top → smart money used that liquidity to exit
• 🪓 Double top forming at $780–$800
• ⚡ Currently testing the $470 neckline
🚨 What’s Next? Two Scenarios
🟢 Bullish Case
If $470 holds:
• 🔼 Rebound toward $550–$600
• 🔼 Break above $600 could restore bullish momentum
• 📈 Long-term moving averages still point up → macro trend not broken
🔴 Bearish Case
If $470 breaks:
• 🔻 Next support: $450
• 🔻 Deeper drop: $420
• 📉 Short-term momentum continues to favor sellers
My Take
$ZEC finally landed the institutional attention it has been waiting for - but it arrived after the rally, not before. The ETF filing and corporate treasury interest are long-term bullish signals, but right now the charts are in control.
ZEC looks tired.
WhiteBIT Chart (1d): $ZEC
