Zcash Plunges 12% After Reaching Ten-Year High

After reaching a ten-year high of almost $1,700, Zcash (ZEC) has plummeted by 12% in a single day, leaving many market observers to wonder if this is just a healthy correction or the end of its rally.

The token's price currently trades just north of $1,400, with some analysts predicting that it may yet drop further to around $1,250 and below.

X user Ardi remains bullish on ZEC but acknowledges that losing $1,420 in value would be a significant setback. He notes that market participants often become convinced that the price will continue to fall when it's actually time to buy.

Nick O'Neil also sees this as an opportunity, stating 'it feels good' and hoping to buy ZEC at around $1K or lower.