Key Points:
- The ZEC price has decreased nearly 30% from its November peak at $750, sparking concerns of a further decline. Some analysts highlight a possible “pump-and-dump” scenario.
- Trading patterns indicate a potential price drop towards the $220–$280 zone, resembling previous market moves seen in BNB (Binance Coin).
Zcash (ZEC) has seen a dramatic decline from its peak value, raising alarm among traders about potential sustaining losses. Although there is a caution around promotional activities creating speculative bubbles, some experienced investors in cryptocurrency remain hopeful about ZEC’s future performance.
Technical Analysis
Zcash has settled into a symmetrical triangle pattern on its four-hour chart, which indicates a potential decision point following its substantial rally. This technical formation suggests that traders are evaluating their positions closely.
ZEC/USDT four-hour price chart. Source: TradingView
Market dynamics remain uncertain due to external pressures from the Federal Reserve’s policies and high valuations across the AI sector, negatively impacting risk assets.
The possibility of ZEC descending below its triangle support could push the value down significantly, targeting approximately $282.
Source: TradingView
Additionally, Mark Moss, a venture capitalist, recently highlighted concerns regarding marketing agencies targeting Zcash to capitalize on sentiments, offering paid promotional partnerships.
Source: X
Lastly, despite bearish forecasts, influential figures such as Arthur Hayes and the Winklevoss twins advocate a positive outlook for Zcash, predicting a future price surge.
