Something has clearly changed in $ZEC ’s momentum since it broke above $1,300. The rally has lost steam, and Zcash is now down more than 18% in October.
I’ve repeatedly warned traders not to chase the hype or blindly open LONG positions after such an aggressive rally. Price going parabolic doesn’t mean it can only go higher.
Now, the chart is sending another warning: $ZEC has lost the critical $1,240–$1,260 support zone.
If bulls fail to reclaim this area, I’m watching $1,020 as the first downside target, followed by $800 if selling pressure continues.
Don’t get trapped buying the dip just because the price looks cheaper. Until $ZEC reclaims its lost support and shows real strength, downside risk remains on the table.