Zcash (ZEC) is encountering significant selling pressure, testing support at $495. Despite attempts to rebound after briefly hitting above $530, market sentiment remains cautious due to reduced liquidity and fears of further declines.
The market shows defensive positioning, with ZEC experiencing major capital outflows exceeding $101 million over the last week. A failure to hold the $495 level could push ZEC towards $450, reflecting broader concerns among traders.
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