Zcash Faces Correction Risks as Bitcoin Bounces Off Key Support
Zcash (ZEC) price has been hovering around $500 for Friday after five consecutive days of losses, testing a crucial support cluster. Despite over $2 million in liquidations over the last 24 hours, ZEC's retail strength holds strong with a positive funding rate, indicating bullish bias persists.
Technically, the easing bullish momentum poses risks of a steeper decline below its 50-day Exponential Moving Average (EMA) around $489. The price action suggests that Zcash may be due for a correction, but the resilience of its retail investors could cushion the impact.
In other news, Bitcoin (BTC) is modestly recovering after hitting a key support zone. Trading at $65,400 on Friday, BTC has been buoyed by US-listed spot Bitcoin Exchange Traded Funds (ETFs), which have continued to attract institutional inflows. However, higher Oil prices driven by the escalating US-Iran conflict and US President Donald Trump's new tariffs are reviving inflation concerns, limiting BTC's upside potential.
Crypto markets are showing signs of stability, with Ethereum (ETH) and Ripple (XRP) holding their ground near key hurdles. ETH is stable near $1,900, backed by mild capital inflows, while XRP holds above the pivotal $1.10, but its upside is structurally constrained below $1.15.