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Zcash Price Pulls Back, Analysts Warn of Correction After 1,500% Rally
Zcash (ZEC) has entered a sharp correction after a 1,500% rally, reaching nearly $744. It is now down over 25% as traders question the sustainability of its upward trend.
- ZEC began rising in September, surpassing resistance levels at $400. Analysts warn it might have peaked.
- Technical indicators show an extreme overbought RSI of 94.2, similar to the 2017–2018 boom.
- Market observers predict a deeper correction, possibly mirroring past cycles with significant drawdowns.
- The coin is in a corrective channel on the daily chart, risking further declines unless support holds around $400.
Analyst Perspectives
- Some analysts believe this could be a temporary correction if bulls defend the $400 level.
- Arthur Hayes predicts long-term benefits for privacy coins like ZEC amid potential U.S. fiscal stimulus.
Despite short-term volatility, Zcash's zk-SNARKs technology positions it strongly in privacy innovation. If fiscal policies drive liquidity, ZEC may recover significantly.
