Crypto News
Zcash traded near $980 after a sell-off pushed it to its lowest levels since September, with weekly losses exceeding 26%. ZEC briefly touched $960 during the latest major decline, while approximately $18 million in positions were liquidated over 24 hours, around 72% of them leveraged longs.
Why it matters
The slide has erased much of Zcash's September rally toward $1,700 and continued despite Grayscale's $1 million commitment to organizations supporting development, privacy research and community initiatives. The asset manager has distributed $400,000 to four organizations and launched a marketing campaign for its Zcash ETF, ZCSH.
The fund recorded $46.25 million in outflows during October, followed by nearly $30 million in withdrawals through November 11. Grayscale also intends to reinvest all ZCSH sponsor fees in network development, marketing and education for up to one year.
Market impact
Traders are watching whether ZEC can reclaim $1,000, a psychological level lost in the sell-off. The coin is also approaching its 0.5 Fibonacci retracement, a potential area of support. A recovery above $1,000 would bring $1,100 and $1,200 into focus, while a break below that retracement could put $900 and $800 in view.
The relative strength index was near 34, approaching oversold territory but offering no guarantee of a reversal. Bitcoin's recent weakness is another factor for traders assessing whether a Zcash recovery can hold.
Frequently asked questions
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How much of the recent ZEC liquidations were long positions?
Approximately $18 million in ZEC positions were liquidated over 24 hours, with leveraged longs accounting for around 72% of the total.
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How much has Grayscale's Zcash ETF lost to withdrawals?
ZCSH recorded $46.25 million in outflows during October and nearly $30 million in withdrawals through November 11.
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What has Grayscale committed to the Zcash ecosystem?
Grayscale committed $1 million to organizations supporting Zcash development, privacy research and community initiatives. It has distributed $400,000 to four organizations.
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Which price levels are Zcash traders watching?
Traders are watching $1,000 as the first level to reclaim. The article identifies $1,100 and $1,200 as potential recovery levels, and $900 and $800 as levels to watch if Fibonacci support breaks.
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What does Zcash's relative strength index indicate?
The index was near 34, approaching oversold territory. That does not guarantee an immediate reversal.
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