📉 Zcash fell to $980, bringing weekly losses to more than 26% after a sharp wave of selling sent ZEC to its lowest level since September. The cryptocurrency is testing a key psychological support level at $1,000. Despite Grayscale's commitment to invest $1 million to support the Zcash ecosystem, this capital injection failed to reverse the selling pressure. Grayscale's Zcash ETF (ZCSH) recorded $46.25 million in outflows in October, followed by an additional $30 million withdrawn as of November 11. ZEC liquidations reached around $18 million in 24 hours. Traders are now watching to see whether bulls can reclaim $1,000 before another decline, or whether the 0.5 Fibonacci retracement level will attract buyers and trigger a relief rally.
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