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ZEC ZEC suffers a liquidation tsunami triggered by falling prices
Zcash (ZEC) has suffered a significant setback recently, with prices falling 16% from their peak and triggering a massive wave of liquidations in leveraged trading. In the past 24 hours, the total amount of liquidations related to ZECs reached US$28.37 million. Most of this came from long positions with an amount of US$23.75 million; short positions contributed US$4.62 million.
Are long positions underprepared?
Data shows that investors betting on continued price increases are caught off guard. As prices fell, selling pressure intensified, with $11.49 million in liquidation occurring in just 12 hours, of which $9.4 million came from long positions.
Market volatility is also evident in shorter time frames. Over a four-hour period, the liquidation amount was $1.34 million, of which short positions accounted for $1.19 million. This highlighted how quickly market sentiment has shifted after a sharp rebound.
The imbalance in ZEC liquidation shows that long positions speculating on continued gains are under tremendous pressure in the face of sudden downturns.
Is the bullish technical outlook still intact?
Despite the sudden sell-off, ZEC's technical indicators showed a more solid trend than the period before the breakthrough. On the daily chart, prices remain above the key moving average. The 50-day moving average hovers around $689, the 100-day moving average is $646, the 20-day moving average is around $910, and the long-term moving average is close to $531.
At the same time, the huge gap between current prices and these trend indicators highlights the rapid momentum of recent gains. ZEC surged from under $500 to more than $1200 in just a few weeks, triggering both profit-taking and mandatory deleveraging reductions.
Support areas under review
The Relative Strength Index (RSI) has retreated from overbought territory to around 64. Although still above the neutral threshold, this suggests a weakening of kinetic energy compared to previous levels.
In the short term, the US$1050 to US$1100 range is considered a support area. If ZEC can stabilize in this range, the market may witness balancing attempts and potential recovery. A clear break below this area could lead to a deeper correction towards the 20-day moving average of about $910.
Recent volatility gives the impression of a reset after a rapid rise; however, price movements are likely to remain volatile until markets calm and buyers regain recent highs.
- More than US$28 million was liquidated due to falling ZEC prices.
- Long positions caused most of the losses.
- Current technical indicators still show price strength above the long-term moving average.
- RSI indicates that kinetic energy has weakened, but is still above neutral.
As a privacy-centric cryptocurrency, ZEC once again demonstrated the rapid direction shift that can occur in leveraged trading. Currently, the market is closely watching whether key support levels can be maintained and how quickly volatility will subside.
