$ZEC fans really didn't get a good day‼️ 😅 Grayscale came out on Tuesday with a big announcement, a new thing called Zcash Invest, plus $1 million to help the ecosystem grow. The money comes from the sponsor fee of their ZCSH ETF, for around its first year. 💰 They also gave $100K each to four groups: Zcash Foundation, Pretty Good Policy for Zcash, Shielded Labs and Project Tachyon.
But the price didn't care at all 😬 ZEC dropped about 15% in just one day, and Bitcoin sliding under $74K made everyone more scared. Open interest also fell 13.4%, so fewer traders are betting on it right now. 📉
On the charts, the $1,050 area looks like it already broke, and ZEC slipped down to $945. Honestly this looks like a bigger correction, not just a small dip.
What might happen next? 🔮 If buyers defend $945, we could see a bounce toward $1,050 and maybe $1,130, but it probably wont go much higher quickly. If it falls below $900, that shows buyers are really weak and the price may slide further to around $635 in coming months. 😟
My take: the Grayscale news is good for long term trust 🙌 but short term the market mood is the boss. Watch Bitcoin and that $945 level, they will decide everything. 👀
this is my Just opinion, not financial advice, always do your own research!
But the price didn't care at all 😬 ZEC dropped about 15% in just one day, and Bitcoin sliding under $74K made everyone more scared. Open interest also fell 13.4%, so fewer traders are betting on it right now. 📉
On the charts, the $1,050 area looks like it already broke, and ZEC slipped down to $945. Honestly this looks like a bigger correction, not just a small dip.
What might happen next? 🔮 If buyers defend $945, we could see a bounce toward $1,050 and maybe $1,130, but it probably wont go much higher quickly. If it falls below $900, that shows buyers are really weak and the price may slide further to around $635 in coming months. 😟
My take: the Grayscale news is good for long term trust 🙌 but short term the market mood is the boss. Watch Bitcoin and that $945 level, they will decide everything. 👀
this is my Just opinion, not financial advice, always do your own research!
