Zcash (ZEC) Falls Back as Orchard Flaw Worries Traders; $400 Support Tested

Zcash (ZEC) has surrendered most of its mid-June rebound and is again testing a key technical floor. After previously plunging nearly 50% on the Orchard shielded pool soundness concern, ZEC later bounced toward about $380–$500, but the latest move shows price around $412 (down ~15% from the June 18 high near $500). Developers confirmed a critical Orchard vulnerability that could have allowed unlimited counterfeit ZEC via the shielded pool. An emergency patch was applied, but traders are still reassessing exploit risk and confidence in the privacy coin has weakened. Technically, ZEC failed to hold the ~0.618 Fibonacci retracement near $494. Attention is now on the $400–$401 area. A break below $400 may extend losses toward the next Fibonacci zone near $343–$350. Momentum remains bearish: 4-hour RSI is about 34 and MACD stays below zero with a widening negative histogram. Derivatives data adds pressure. CoinGlass points to a liquidation/resistance cluster around $427–$430, while support pockets are seen near $405–$410. CoinGlass previously cited liquidations near ~$82M during the selloff, and the broader market risk backdrop is also softer after BTC’s derivatives breakdown and liquidation-driven volatility. Positioning signals are mixed: one whale reportedly withdrew ~37,316 ZEC from Binance shortly after the crash, but notable holders reduced exposure, including Arthur Hayes confirming he exited his ZEC position earlier in June.