Zcash (ZEC) Slips 15% Daily, Yet Analysts View the Correction as a ‘Gift’

"The next leg of this bull market is coming. We’re ready," one X user stated. The cryptocurrency market took a significant step back over the past 24 hours after US inflation came in higher than expected (among other reasons). Bitcoin (BTC) dipped 3% on a daily basis, while popular altcoins like Zcash (ZEC) posted double-digit declines. However, several analysts remain optimistic about the privacy coin and see the pullback as a buying opportunity. New Rally Incoming? ZEC is down approximately 15% for the day and currently trades below $1,100 (per CoinGecko). Its market capitalization fell to nearly $18.3 billion, yet the asset remains one of the 10 biggest cryptocurrencies. Interestingly, its recent downfall doesn’t seem like bad news to some analysts. X Finance Bull said he sold his entire ZEC position earlier this year when the price hit $1,500. “My reason was simple: there had been almost no real correction since $500, and I didn’t see the utility expanding enough to justify chasing it higher,” he explained. The latest correction, though, has changed the analyst’s plans, and he said he’s going back to the ZEC chart and fundamentals because he sees a potential setup developing. “...