Zcash falls below $300 support – is another 30% drop for ZEC likely?

Zcash (ZEC) is trading at $283.50 after a 4.50% drop below the crucial support of $300. This signals a potential risk of a further decline of up to 30%, estimating a possible fall to $195 in the coming days.

With a 22% decline in trading volume and ongoing bearish patterns, initial reactions point to caution among traders. Yet, top 100 holders of ZEC have accumulated more tokens, raising their total by 2.78%, indicating strategic buying in the face of price drops.