Zcash Bulls Under Pressure as Price Trades Below $500
Zcash has been trading below $500 for several days, putting pressure on bulls. Despite this, the long-term technical outlook remains positive due to its position above the 100-day Exponential Moving Average (EMA) at $468.
The release of US Consumer Price Index (CPI) data later in the day is being closely watched by market participants, as it could influence the Federal Reserve's next interest rate decision. Meanwhile, the migration from the Orchard pool to the Ironwood pool has resulted in a 10% drop in the former and a 5% increase in the latter.
According to CoinGlass data, the ZEC futures Open Interest is down nearly 2%, indicating a reduction in notional value of active positions. The long liquidation of $3.07 million outpaced short liquidation of $338,630, suggesting reduced bullish positional buildup.