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Zcash Drops Below $1,000 Following 14% 24-Hour Decline
Zcash (ZEC) has declined 14% over the last 24 hours, dropping to a trading price of around $975. The asset has also fallen out of the top 10 cryptocurrencies. This movement marks a 42% decline from its September high of $1,700. Analysts predict potential further declines toward a bottom between $800 and $900, while a trader holding a large long position faces liquidation risks. Technical indicators show an RSI of 29, suggesting a potential short-term recovery. Recent net exchange outflows indicate reduced selling pressure as investors move ZEC to self-custody wallets.