Zcash (ZEC) Drops 27% Weekly: Crashing to $200 Soon?

The ZEC pump and dump is over, Max Keizer claimed.

Instead, the price has plummeted by about 27% within that time frame, and several analysts are now predicting that the price is on the verge of a much more substantial collapse.

Was the bull run over?

Currently, ZEC is trading at around $470, representing a solid pullback from the local high above $730 reached earlier this month. Remember, assets were at the forefront of gains in October and most of November, but the bears seem to have regained control lately.

While the native token Zcash has been the subject of very bullish price predictions during its bull run, the landscape has changed the analysts’ tune. X user Tryrex noted that ZEC has formed a triple top on the chart, claiming it “doesn’t look strong” and predicting a dip to around $350 in the coming days.

Just a few hours ago, X user Altcoin Sherpa predicted that the asset’s valuation could dip below $200 in the coming weeks or months, with claims that some rebounds could accompany the downtrend.

Max Keizer, the American broadcaster and financial commentator known as a devoted fan of Bitcoin, also contributed. believes the ZEC “pump and dump” is over, arguing that a crash to $55 “seems inevitable.” True to himself, he concluded his post with the following:

“Only Bitcoin. Everything else is just gambling.”

The Bulls haven’t capitulated yet

Despite the price drop, some analysts still think ZEC is not ready for this cycle yet. X-user Altcoin Miyagi claimed the asset could rise to $1,000: a prediction that matches that of Arthur Hayes.

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Initially, the BitMEX co-founder predicted a price explosion to $10,000, but later adjusted the target to the aforementioned $1,000. Interestingly, Hayes recently offloaded some of its altcoin bags, but ZEC was not included in the sale.

Grayscale’s intention to transfer his Zcash Trust in an ETF supports the bullish thesis. The launch of such a product will allow investors to gain exposure to the asset without worrying about its protection and could increase interest.

Meanwhile, ZEC’s Relative Strength Index has fallen to almost 30, approaching overbought territory and suggesting that valuation could recover in the near future. The technical analysis tool measures the speed and magnitude of recent price changes to give traders an idea of ​​what comes next. It ranges from 0 to 100, and values ​​above 70 are considered bearish territory.