The cryptocurrency market continues to bleed, with the total market cap now hovering around $2.89 trillion. Zcash (ZEC), one of the privacy tokens daring to defy the fearful market sentiment, has experienced a steady, choppy price action as market forces struggle to establish control. Interestingly, a prominent market analyst with the X username PlanD has discovered significant bearish potential on the horizon.
Despite its performance amid the general crypto market correction, Zcash struggles to break past a formidable barrier in the $750 price zone. In the last week, the privacy coin experienced this rejection in the two instances it climbed above the $700 price mark.
At the time of writing, Zcash trades at $490.52, reflecting a drastic 24.11% decline in the past 24 hours as total crypto liquidation crossed $1.9 billion. Meanwhile, daily trading volume is down by 6.1% and valued at $2.24 billion.
Nevertheless, ZEC’s monthly performance stands at a staggering 99.41% representing the coin’s defying bullish performance during a time when the total crypto market cap has reduced by 28%. In the last year alone, the privacy coin has surged by 928%, highlighting a remarkable and sustained bullish trajectory.
With a market cap of $7.8 billion, ZEC now ranks as the 13th largest cryptocurrency in the world.
