$ZEC
The market fell across the board yesterday. Who took the worst hit? $ZEC was definitely the worst hit! It dropped from 1,199 last night to a low of 993 in the early hours—a 17-point fall—and the rebound has been very weak. Just a couple of days ago, it was still one of the strongest privacy leaders. Why has it started crashing over the past two days?
The main reason is that ZEC-related ETFs saw combined net outflows of around $13 million last week. With the flow of funds shifting, institutional buying has also cooled off. Institutional inflows were a key source of support when ZEC was rising before, so this money moving out will weaken its upward momentum. It had also risen too much beforehand, leaving an enormous amount of profit-taking pressure, so its decline has been completely irrational. Yesterday also brought macro headwinds: CPI came in hotter than expected, and core CPI at 0.3% crossed the rate-hike red line. All risk assets were falling, and high-valuation altcoins fell even harder, so ZEC was bound to get dragged down too.
At around 1,015, Bingtang personally recommends waiting for now. Don’t open a position blindly. If it breaks below 994, watch for 900; if it rebounds to 1,080–1,100 later, reassess then!
The market fell across the board yesterday. Who took the worst hit? $ZEC was definitely the worst hit! It dropped from 1,199 last night to a low of 993 in the early hours—a 17-point fall—and the rebound has been very weak. Just a couple of days ago, it was still one of the strongest privacy leaders. Why has it started crashing over the past two days?
The main reason is that ZEC-related ETFs saw combined net outflows of around $13 million last week. With the flow of funds shifting, institutional buying has also cooled off. Institutional inflows were a key source of support when ZEC was rising before, so this money moving out will weaken its upward momentum. It had also risen too much beforehand, leaving an enormous amount of profit-taking pressure, so its decline has been completely irrational. Yesterday also brought macro headwinds: CPI came in hotter than expected, and core CPI at 0.3% crossed the rate-hike red line. All risk assets were falling, and high-valuation altcoins fell even harder, so ZEC was bound to get dragged down too.
At around 1,015, Bingtang personally recommends waiting for now. Don’t open a position blindly. If it breaks below 994, watch for 900; if it rebounds to 1,080–1,100 later, reassess then!
