Zcash (ZEC) Drops 24%, Analysts Warn of Potential Further Declines

Zcash (ZEC) experienced a significant pullback, leading to substantial losses among top cryptocurrencies. The altcoin's price fell below key support levels after a market correction, reaching a local low of $328 before bouncing to $340.

Zcash Price Movement

Recent rally to ATH of $750 in November, followed by trading between $440-$720.
Loses key support levels, dropping below $400 to a low of $328.
Analysts warn of further potential declines, with predictions of an additional 30%-40% drop to $200.
Current trading at $338, marking a 20% decline for the month.

Market Observations

Sjuul from AltCryptoGems notes a major bearish retest post-EMA200 breach.
Mert Mumtaz sees correction as normal after a 700% rally, highlighting Zcash's long-term growth potential.
Altcoin Sherpa predicts short-term bounces despite possible further declines.
X analyst Make Sense suggests Zcash is at a critical level, potentially ready for a big move.

Zcash, ZEC, ZECUSDT

Investors should monitor Zcash's ability to maintain its current range or risk further declines to lower support levels.