$ZEC Below $1,000? We were saying it was holding up well, but now it's fallen even harder than the major coins!
ZEC has taken a brutal hit this time! It’s given back almost all of its gains. From a high near $1,380, it slid all the way to $975—a drawdown of nearly 30%. Over the past 24 hours, more than $35 million in long positions were liquidated, putting the scale of liquidations on par with the major coins!
Three-digit ZEC is back, and I bet the bears are already celebrating. That said, while ZEC sometimes moves independently, it still can’t escape the broader market’s influence. Last night, CPI came in above expectations, and ETH fell to a low of $2,003. ZEC got dragged down too.
However, Caibao thinks macro headwinds weren’t the only reason for this drop. After the NU7 upgrade went live on the 5th, market expectations were realized, and a large number of earlier profit-takers began exiting all at once. Whale long positions also faced successive liquidations, amplifying the decline!
Still, thankfully, the spot positions we suggested building around $1,150 were small. At the current price of $960, you can add to your position in batches, with an initial target near $1,380!
ZEC has taken a brutal hit this time! It’s given back almost all of its gains. From a high near $1,380, it slid all the way to $975—a drawdown of nearly 30%. Over the past 24 hours, more than $35 million in long positions were liquidated, putting the scale of liquidations on par with the major coins!
Three-digit ZEC is back, and I bet the bears are already celebrating. That said, while ZEC sometimes moves independently, it still can’t escape the broader market’s influence. Last night, CPI came in above expectations, and ETH fell to a low of $2,003. ZEC got dragged down too.
However, Caibao thinks macro headwinds weren’t the only reason for this drop. After the NU7 upgrade went live on the 5th, market expectations were realized, and a large number of earlier profit-takers began exiting all at once. Whale long positions also faced successive liquidations, amplifying the decline!
Still, thankfully, the spot positions we suggested building around $1,150 were small. At the current price of $960, you can add to your position in batches, with an initial target near $1,380!
