Zcash (ZEC) Plunges 12% Daily: Healthy Correction or the End of the Rally?

"It needs some of the air let out," one analyst stated. The popular privacy coin was on a tear earlier this month, rising to a ten-year high of almost $1,700. However, over the next few days, the bears stepped in, and the situation has only worsened in the past 24 hours. Currently, ZEC trades just north of $1,400, and many market observers believe the price has yet to plunge much further. What Now? X user Ardi said he remains bullish on ZEC but added he won’t pretend losing $1,420 wouldn’t matter in this phase of price discovery. The analyst assumed that losing this support (as it did) might lead to a sweep toward $1,250 and below, “regardless of where I think Zcash goes this cycle.” He also noted that it’s easy for people to say they will buy a correction while the price is rallying, yet when it actually starts dumping, some become convinced it has much further to fall. “They get the lower price. Then they lower their bids again,” Ardi concluded. Nick O’Neill also spotted the asset’s pullback, saying “it feels good.” The analyst emphasized that going straight up is never healthy, and after such an astonishing bull run, it might be time for ZEC to lose some steam. “I’m frankly hopi...