ZEC has fallen 37% over the past seven days, with a 17.5% drop just in the last 24 hours. The coin is now trading near $225 – its lowest level in months – and is currently the worst performer among the top 100 cryptocurrencies.
Price has closed well below the lower Bollinger Band ($244) on increased volume, and remains far beneath both the 9-day EMA ($290) and VWAP ($484), signaling continued weakness.
RSI indicators reflect severe selling pressure. The 14-period RSI is at 26, while the faster 7-period version has dropped to 16. These values are well into oversold territory. However, with the ADX holding at 29, the strength of the current downtrend remains intact.
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Broader Privacy Coin Pullback
Steep losses of Zcash come as part of a wider correction in the crypto market. Bitcoin has dropped below $70,000, losing 20% this week alone. But privacy coins appear to be under even more pressure. Monero (XMR), which reached new highs less than month ago, is down 25% on the week. DASH has also fallen by 33%, in line with ZEC’s trajectory.
This reversal raises questions about the sustainability of the recent privacy coin rally. ZEC, which had shown strong momentum earlier in the year, is now the weakest performer in its category – and across the market more broadly. One explanation might be that investors are taking profits in panic, contributing to the harsher drop.
ZEC is approaching the 100% Fibonacci retracement level at $216. Whether this support holds will determine the next move. The current technical setup points to strong bearish continuation, though oversold signals suggest a short-term rebound is possible, and a lot will depend on broader macro sentiment, which currently stays very negative.
