Zcash price drops 13% – Why ZEC’s $1,036 support matters now

Following an aggressive rally that pushed the token to a September high near $1,700 after breaking free from a pennant consolidation, Zcash [ZEC] price action could be on the verge of further declines. Over the last 24 hours, ZEC has declined by about 13%, and it was testing a key demand zone between $1036 and $1162, at press time. Notably, ZEC's Funding Rate and Spot Netflow turned negative alongside increasing long liquidations across the network. Therefore, could ZEC be in for further dips, or will bulls step in at the demand zone? Negative flows signal growing ZEC selling pressure ZEC's weakening on-chain metrics could be the fueling factor of the token's recent bearish price action.

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