Zcash (ZEC) is trading at $283.50, down 4.50%, with bearish technical indicators pointing to potential further declines. Analysis suggests a 30% drop to around $195 is possible after the asset broke key support at $300. While derivatives traders show bearish short-term sentiment with increased leveraged bets, on-chain data indicates the top 100 holders are accumulating during the downturn.
Zcash has declined 4.50% and is trading at $283.50, signaling potential continuation of its downside momentum. This bearish outlook is reinforced by a breakdown below a key support level and a 22% drop in trading volume to $363 million.
Technical analysis indicates ZEC is forming its sixth consecutive red candle on the weekly chart. The asset has broken its prolonged $300 support level held since October 2025.
On both weekly and daily charts, ZEC appears bearish due to the support breakdown and an additional inverted ‘Cup and Handle’ pattern. A crypto expert shared a chart on X suggesting the asset may decline to $275.
The Average Directional Index reached 26.07, above the key threshold of 25, indicating a strong directional trend. According to derivatives platform CoinGlass, traders are overleveraged at $276.50 and $300.90.
At these levels, traders hold $3.20 million in long positions and $6.48 million in short positions. These intraday bets indicate a bearish view that ZEC is unlikely to rise above $300.90 soon.
However, investors appear to be accumulating despite the downturn. According to on-chain analytics firm Nansen, the top 100 ZEC holders increased holdings by 2.78% to 4.12 million tokens.
During the same period, ZEC’s price fell by more than 27%. This accumulation suggests top holders may be pursuing a buy-the-dip strategy.
