Analysis
Zcash Is 20% Below Saturday's Peak, and Through the Floor of Its September Range
ZEC hit $1,698 on September 26. By early Tuesday it had traded as low as $1,356, breaking below the $1,420-$1,480 area that had caught every dip since September 18.
Yesterday we looked back at Zcash's run from $250 in June to nearly $1,700. It has fallen every day since that high. After touching $1,698 on Saturday, ZEC closed Sunday at $1,587 and Monday at $1,483, and early on Tuesday it dropped as low as $1,356, 20.1% under the peak, before steadying around $1,385.
The level matters more than the percentage. From September 18 to September 28, ZEC's daily lows never went below $1,422, and seven of them landed between $1,427 and $1,476, even on days when the price swung 8-14% from top to bottom. That band was where buyers kept stepping in. Tuesday's drop went straight through it. The next obvious reference is lower, around $1,327-$1,338, where the rally paused on September 16 and 17.
Volume doesn't point to panic. Monday's $320 million was within the $245-$653 million range of the previous ten days, and about $103 million had traded by 06:00 UTC on Tuesday. The picture is less one of sellers rushing for the exit than of buyers no longer showing up at the old level, which is not necessarily better news for the price.
Dash, the other privacy-focused coin in our list, is on a similar path: it closed at $71.84 on Saturday and was trading near $60 early on Tuesday, about 16% lower. Privacy coins tend to move as a group, and for reasons that go beyond the charts; we've put together a guide to how they work and why exchanges treat them differently.