Zcash (ZEC) Price Drops Over 30% Amid Development Team Resignation
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: Coinmarketcap
- Price Decline: Zcash has dropped over 30% since the beginning of the year, currently priced at $364, reflecting investor concerns over an internal governance crisis that has soured market sentiment.
- Whale Selling: According to Nansen, the total balance of ZEC tokens held by whales has decreased by 10% in the past week, and such large-scale selling could further erode retail investor confidence, increasing downside risk.
- Technical Patterns: Zcash has confirmed a head-and-shoulders pattern on the daily chart, indicating that the ongoing bearish trend may intensify in the short term, with a potential price drop to $300, approximately 17% below current levels.
- Positive Developments: Despite challenges, the Winklevoss twins donated around $1.4 million to an independent development team for Zcash, aimed at supporting the development of the privacy coin's core protocol, demonstrating confidence in Zcash's long-term potential.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
