Two days ago, it was the only one in the entire market that hadn't broken its 7-day low. Yesterday, it was its turn: $ZEC 24 hours, it fell about 10.0%, briefly dropping below $1,000. It couldn't hold on.
It's now around $1,046. The 24-hour range is $994.22 to $1,199.82, with about $250 million in 24-hour spot trading volume. Yesterday's low of $994.22 was both the 24-hour low and the 7-day low. In a post on the morning of November 9, I wrote that ZEC's 7-day range hadn't been breached, with a 7-day low of $1,120 at the time. Two days later, $1,120 has been broken, and the 7-day range is now $994.22 to $1,388, down about 18.4% over 7 days.
The comparison makes it even clearer: yesterday, BTC fell about 2.1% over 24 hours, ETH fell about 3.8%, and SOL fell about 3.9%. ZEC's drop was deeper than that of the major coins. After last night's hotter-than-expected CPI and rising rate-hike expectations, the whole market moved lower, and ZEC fell the hardest.
Watch these three levels today:
Above: $1,199.82 (24-hour high), $1,388 (7-day high)
Below: $994.22 (24-hour low and 7-day low)
If it gets back above $1,199.82, watch $1,388 next; if it breaks below $994.22, the 7-day range will shift lower again.
What to watch today: It's Veterans Day in the U.S., and bond markets are closed, so liquidity may be thin. The next data releases are weekly initial jobless claims at 21:30 on November 12 and October PPI at 21:30 on November 13. When volatility is high, don't try to catch the drop with high leverage. Take care of your position first; everything else can wait.
Will you first watch to see whether $994.22 holds, or whether it can get back above $1,199.82?
$ZEC #Zcash #Market Watch
It's now around $1,046. The 24-hour range is $994.22 to $1,199.82, with about $250 million in 24-hour spot trading volume. Yesterday's low of $994.22 was both the 24-hour low and the 7-day low. In a post on the morning of November 9, I wrote that ZEC's 7-day range hadn't been breached, with a 7-day low of $1,120 at the time. Two days later, $1,120 has been broken, and the 7-day range is now $994.22 to $1,388, down about 18.4% over 7 days.
The comparison makes it even clearer: yesterday, BTC fell about 2.1% over 24 hours, ETH fell about 3.8%, and SOL fell about 3.9%. ZEC's drop was deeper than that of the major coins. After last night's hotter-than-expected CPI and rising rate-hike expectations, the whole market moved lower, and ZEC fell the hardest.
Watch these three levels today:
Above: $1,199.82 (24-hour high), $1,388 (7-day high)
Below: $994.22 (24-hour low and 7-day low)
If it gets back above $1,199.82, watch $1,388 next; if it breaks below $994.22, the 7-day range will shift lower again.
What to watch today: It's Veterans Day in the U.S., and bond markets are closed, so liquidity may be thin. The next data releases are weekly initial jobless claims at 21:30 on November 12 and October PPI at 21:30 on November 13. When volatility is high, don't try to catch the drop with high leverage. Take care of your position first; everything else can wait.
Will you first watch to see whether $994.22 holds, or whether it can get back above $1,199.82?
$ZEC #Zcash #Market Watch
