Zcash Faces Over 28% Price Drop in a Major Crypto Market Sell-Off Triggered by New US Tariffs
Zcash (ZEC) has seen a significant price drop of over 28% as part of a broader cryptocurrency market sell-off, triggered by the announcement of new US tariffs. This sell-off impacted major cryptocurrencies, including Bitcoin (BTC), Solana (SOL), and Ethereum (ETH), leading to significant price declines and $1.3 billion in derivatives market liquidations. The overall crypto market cap fell by 8%, and trading volumes increased by 302%. The exposure in futures markets is decreasing as traders react to falling prices. Analysts indicate further declines may occur unless the market sentiment changes, with key resistance and support levels for Zcash at $38 and $25, respectively. The market remains bearish, reflecting a cautious outlook for traders.
Bearish
The overall decline in Zcash’s price, along with a widespread market downturn, suggests a bearish outlook for the crypto market. The swift sell-off was largely triggered by new US tariff announcements, which led to a panic among traders and a sharp decrease in crypto values. The significant decline in market capitalization, alongside increasing trading volumes and decreasing futures exposure, indicates caution and a potential for further price drops unless new positive sentiments or market-changing news arise. The established resistance and support levels for Zcash further underline the bearish sentiment prevailing in the market among traders.