The number that stood out to me in the last 24 hours: $ZEC traded about 307.6M USDT, the third highest volume on Binance spot. Only $BTC and $ETH saw more.
And it did that on a red day. ZEC is down 4.1% at 1,427.
Heavy volume on a falling coin usually means real selling, not a quiet drift lower. Somebody wanted out and the market had to absorb it. The movers chart shows a mixed day elsewhere, so this looks specific to ZEC.
For context, the majors went nowhere. BTC is flat at +0.05% and ETH is down 0.64%. Fear & Greed slipped from 73 to 71, still Greed.
My view: bearish short term on ZEC until that selling is absorbed. I want to see volume fall while price holds, which would tell me sellers are running out.
What changes my mind: a move back above about 1,488, where the day started. That would erase the drop on the same heavy volume and flip the read.
Next I watch whether ZEC stays in the top 3 by volume tomorrow. If it does while still falling, the exit is not finished.
#ZEC #Volume
And it did that on a red day. ZEC is down 4.1% at 1,427.
Heavy volume on a falling coin usually means real selling, not a quiet drift lower. Somebody wanted out and the market had to absorb it. The movers chart shows a mixed day elsewhere, so this looks specific to ZEC.
For context, the majors went nowhere. BTC is flat at +0.05% and ETH is down 0.64%. Fear & Greed slipped from 73 to 71, still Greed.
My view: bearish short term on ZEC until that selling is absorbed. I want to see volume fall while price holds, which would tell me sellers are running out.
What changes my mind: a move back above about 1,488, where the day started. That would erase the drop on the same heavy volume and flip the read.
Next I watch whether ZEC stays in the top 3 by volume tomorrow. If it does while still falling, the exit is not finished.
#ZEC #Volume
