Zcash Faces Bearish Market Amid Macro Challenges

Zcash (ZEC) experienced a significant price decline following an unsuccessful breakout attempt. According to NS3.AI, the downturn is attributed to deteriorating macroeconomic conditions and intensified selling pressure. Despite efforts by large investors to accumulate ZEC, the market remains bearish, as evidenced by rising exchange balances and negative funding rates, which suggest a prevalence of short positions. Technical analysis indicates a possible 55% decrease in value, potentially reaching $171, unless buyers can reestablish control above crucial support levels near $340.