ZEC: Plunges 38% on Zcash Vulnerability Disclosure
ZEC drops 38% to $297.74 after Zcash discloses critical counterfeiting vulnerability, with 4h chart showing RSI at 17.45 oversold and bearish MACD.
SourceAnalysis
ZEC plunged 38% after Zcash disclosed a critical counterfeiting vulnerability. The token now trades at $297.74 with EMA50 resistance at $530.5 and EMA200 at $518.09 capping upside in a sustained bearish trend. On the 4h chart, RSI(14) at 17.45 signals deep oversold conditions while MACD at -59.84 confirms the death cross, and price tests lower Bollinger support near $304.9, setting up potential short-term exhaustion before any relief rally. ZEC price prediction models must now price in renewed security scrutiny tied to shielded transaction history.
Decrypt
@DecryptMediaDelivers cutting-edge news and educational content on cryptocurrency, decentralized finance, and Web3 innovations for a global audience of blockchain enthusiasts.