Where is Zcash ($ZEC) headed? Is a correction approaching? ๐
After breaking through the historic barrier of $1,000, the privacy token of the moment is showing mixed short-term signals:
โ ๏ธ Imminent Correction Risk: Macro Pressure: Strong U.S. employment data reduce the odds of rate cuts by the Fed, cooling risk assets.
Technical Overheating: The daily RSI is in extreme overbought territory (76.97) and there is high leverage in futures ($2.4B in Open Interest), which could trigger cascading liquidations.๐
Long-Term Potential (Growth Energy):The capital injection from Grayscaleโs ETF (ZCSH) and a strong "supply shock" (44% of supply locked in private pools) are keeping the underlying bullish structure intact.
๐ Key levels to watch: Immediate support: $920 โ $890 (Healthy consolidation zone). Major support: $675 โ $650 (Ideal buying point if the market corrects sharply).
BTC is around $81K, after briefly surpassing $82K. The move triggered a strong short liquidation. crypto.news
BTC: main liquidation zones Estimate of leveraged positions concentrated by price zone. Recent data.
Key points: ๐ข $82โ83.5K: many shorts โ if BTC breaks higher, another short squeeze could occur. ๐ด $79.5โ80.3K: first zone of vulnerable longs. ๐ด $77โ78K: critical liquidation zone. ๐ด $75โ76K: largest concentration of longs (~$170M)
Read: as long as BTC holds $80K, it favors further upside. Losing $79.5K increases the risk of a drop toward $77โ76K. ๐