Zcash Slides 3.6% to $1,287 as ETF Outflows Weigh on Sentiment

Zcash fell 3.6% to $1,287.07 in 24 hours, dropping $47.64 as the coin decoupled from Bitcoin’s 3% gain. The decline stems from $30.25 million in net outflows from the Grayscale Zcash ETF on September 30 and persistent negative sentiment tied to the September 24 Bitget hack, where stolen funds moved through Zcash’s shielded pool. Trading volume surged 34% above average, confirming the selling pressure.

Why Zcash is underperforming while Bitcoin rallies

While Bitcoin gained nearly 3% on October 1-2 from renewed ETF inflows, Zcash moved in the opposite direction. This decoupling signals localized selling pressure specific to Zcash, not a broader market downturn. The Grayscale Zcash ETF outflows and lingering concerns about the coin’s association with the Bitget hack are outweighing positive developments like the October 2 launch of a THORChain ZEC liquidity pool.

Technical picture shows RSI at neutral, ADX confirms strong downtrend

The RSI sits at 54.73, neither overbought nor oversold, but the ADX at 55.85 signals a strong downtrend. Price is well below the upper Bollinger Band at $1,708.61, sitting near the middle band at $1,341.19. The MACD histogram is negative at -29.20, with the MACD line below its signal line, confirming bearish momentum. These indicators point to a short-term downtrend within a larger uptrend.

Support and resistance levels define the next move

Zcash is testing critical support between $1,361 (50% Fibonacci retracement) and $1,330 (recent low). If the price holds above $1,330, a rebound toward $1,411 (23.6% Fib level) is possible. A daily close below $1,330 would invalidate this support and open the door to stronger support at $1,233. The 24-hour volume surge to 1.18 billion confirms conviction behind the move.

Meyka forecasts show sharp divergence between near and long term

Meyka’s one-month forecast is $1,370.74, a 6.5% upside from current price, suggesting a near-term bounce. However, the 12-month forecast drops to $288.80, a 77.6% decline, reflecting deep skepticism about Zcash’s longer-term prospects. Forecasts may change due to market conditions, regulations, or unexpected events.

Final Thoughts

Zcash’s 3.6% drop reflects coin-specific headwinds rather than a market-wide selloff. With ADX at 55.85 confirming a strong downtrend and price testing key support at $1,330, the immediate risk is further downside if buyers fail to defend that level. Watch the daily close.

FAQs

Disclaimer:

Cryptocurrency markets are highly volatile. This content is for informational purposes only. The Forecast Prediction Model is provided for informational purposes only and should not be considered financial advice. Meyka AI PTY LTD provides market data and sentiment analysis, not financial advice. Always do your own research and consider consulting a licensed financial advisor before making investment decisions.