$ZEC
It’s fallen below 1,000.
This thing was still at 1,388 on November 6. Five days later, it’s been hammered down to 950—down 32%. Today it’s hovering around 987, with a 24-hour low of 951.
Honestly, the hardest-falling assets are often the ones that had rallied the hardest before. ZEC started the year at 526, surged to 1,697 on September 27, and is still up 89% year to date. The higher it flies, the more it hurts when it pulls back.
The liquidation data backs that up. Over the past 24 hours, $479 million was liquidated across the market, 75% of it from longs. ETH had the most liquidations at $153 million, followed by BTC at $137 million. ZEC came in third at $39.7 million. Grayscale’s Zcash ETF is also seeing outflows.
There’s a pretty eye-catching 10x long on-chain: 18,000 ZEC, worth $17.63 million. It’s now sitting on an unrealized loss of over $2.8 million, with a liquidation price of 895.46. If the price dips a bit further from here, he’ll be next.
I’m not buying the dip. I’ll wait for it to stabilize.
If it retests the 895–933 zone and holds, I’ll consider getting in, with a stop below 872—that’s the 200-day moving average. First target is 1,050, then 1,122. If the daily candle closes below 872, I’ll admit I was wrong and scrap the trade.
With a drop like this, treat any bounce as a chance to break even for now. Don’t get carried away with your position size. Those of you holding ZEC, what’s your plan?
#Zcash
It’s fallen below 1,000.
This thing was still at 1,388 on November 6. Five days later, it’s been hammered down to 950—down 32%. Today it’s hovering around 987, with a 24-hour low of 951.
Honestly, the hardest-falling assets are often the ones that had rallied the hardest before. ZEC started the year at 526, surged to 1,697 on September 27, and is still up 89% year to date. The higher it flies, the more it hurts when it pulls back.
The liquidation data backs that up. Over the past 24 hours, $479 million was liquidated across the market, 75% of it from longs. ETH had the most liquidations at $153 million, followed by BTC at $137 million. ZEC came in third at $39.7 million. Grayscale’s Zcash ETF is also seeing outflows.
There’s a pretty eye-catching 10x long on-chain: 18,000 ZEC, worth $17.63 million. It’s now sitting on an unrealized loss of over $2.8 million, with a liquidation price of 895.46. If the price dips a bit further from here, he’ll be next.
I’m not buying the dip. I’ll wait for it to stabilize.
If it retests the 895–933 zone and holds, I’ll consider getting in, with a stop below 872—that’s the 200-day moving average. First target is 1,050, then 1,122. If the daily candle closes below 872, I’ll admit I was wrong and scrap the trade.
With a drop like this, treat any bounce as a chance to break even for now. Don’t get carried away with your position size. Those of you holding ZEC, what’s your plan?
#Zcash
