Where is Zcash ($ZEC) headed? Is a correction approaching? 📉
After breaking through the historic barrier of $1,000, the privacy token of the moment is showing mixed short-term signals:
⚠️ 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.📈
Long-Term Potential (Growth Energy):The capital injection from Grayscale’s ETF (ZCSH) and a strong "supply shock" (44% of supply locked in private pools) are keeping the underlying bullish structure intact.
📌 Key levels to watch: Immediate support: $920 – $890 (Healthy consolidation zone). Major support: $675 – $650 (Ideal buying point if the market corrects sharply).