Zcash Price Struggle Below $400 Is Down To Bitcoin, Here’s How

Core Insights - Zcash (ZEC) has experienced a significant 16% decline in the last 24 hours, falling from an attempt to surpass the $400 mark, which has delayed its recovery efforts [1] - The correlation between Zcash and Bitcoin has turned negative, indicating that ZEC is no longer moving in sync with BTC, introducing new risk dynamics for traders [2] - Long traders are facing heightened liquidation risks, with approximately $17.49 million in long contracts at risk if ZEC drops to $300 or below, which could exacerbate bearish sentiment [4][5] Price Analysis - ZEC is currently trading at $339, with a support level around $344 after a sharp decline, suggesting potential for further downside in the near term [6] - If bearish momentum persists, ZEC could approach the critical $300 support level, which, if lost, may trigger significant liquidations and push the price down to $260 [7] - Conversely, if buying momentum returns, ZEC could stabilize at $344 and aim for a recovery towards $403, with a breakout above this level potentially restoring confidence among long traders [8]