Zcash Price Selloff Triggers $28M in Liquidations
Zcash (ZEC) has faced significant selling pressure after reaching an all-time high above $1,200. The cryptocurrency's price dropped by approximately 16% from its peak, resulting in substantial liquidations of leveraged positions.
Data shows that long positions accounted for a whopping $23.75 million of the total $28.37 million in ZEC liquidations over the past 24 hours. This indicates that many traders had bet on further gains before the market reversed.
Despite the decline, ZEC remains above its major daily moving averages, with the 20-day average at around $910 and the 50-day and 100-day averages near $689 and $646 respectively. The longer-term moving average is still close to $531.
The Relative Strength Index (RSI) has cooled down to about 64 after reaching overbought levels, indicating weaker momentum after the recent rally.