February 13 News, privacy-focused cryptocurrency Zcash has recently come under significant pressure. In the past 24 hours, its price has dropped approximately 7%, and over the past week, large holders’ holdings have decreased by about 38%, sparking strong concerns about its medium-term trend. Although the asset still experienced a roughly 5.8% rebound within a week, its monthly decline has exceeded 40%, with volatility significantly amplified.
On-chain data shows that while there was a brief net outflow of funds on February 12, indicating some low-level absorption, subsequent inflows of exchange-related tokens continued to increase, suggesting that more Zcash is moving from private wallets into circulating addresses. This structural change is often interpreted as a potential bearish signal. Meanwhile, the top 100 addresses still control about 70% of the total supply, indicating high concentration and making the price more susceptible to large holder actions.
From a technical perspective, analysts have identified a classic bearish flag pattern on the daily chart. This pattern typically appears during a sideways correction after a rapid decline, and once it breaks downward, subsequent drops tend to be proportional to the previous decline. Based on current estimates, if the pattern completes, Zcash could face nearly 66% downside. Additionally, from October last year to February this year, the price has been steadily rising, but the RSI has been gradually declining, forming a prolonged bearish divergence that indicates momentum is waning.
The RSI remains in a downward channel, and the gap between price and momentum indicators continues to widen, reflecting insufficient buying strength. The on-chain “smart money” indicator remains stable, with no clear signs of accumulation. Market observers note that the recent relative resilience during downturns coincides with large holders dispersing their positions, which introduces instability at current price levels.
In the short term, if the price cannot effectively break through the resistance zone above or falls below key support levels, selling pressure could further intensify. Investors should closely monitor on-chain liquidity changes and key technical levels to assess subsequent risks.
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