The post Is Zcash poised for another 10% drop below $1,300? appeared on BitcoinEthereumNews.com.
Zcash (ZEC) price stalls around $1,400 at press time on Wednesday, holding steady after a 15% decline over the last three consecutive days of losses. Early signs of easing institutional demand, with $8 million in outflows on Monday, back the near-term downside risk in the privacy coin. The technical outlook for ZEC indicates a potential dip toward the $1,300 support floor. Grayscale’s ZCSH inflows flip negative ahead of stock split Grayscale’s Zcash Trust Fund Exchange Traded Fund (ETF), ticker ZCSH, announced a 3-for-1 stock split within its first month of trading. This decision is based on the strong bullish undercurrent, with over $250 million in inflows in the first 30 days of trading, totaling $21.83 million in August and $276.17 million so far in September. However, the ZCSH fund recorded zero inflow on Tuesday after $8.12 million in outflows on Monday, suggesting an early sign of easing institutional demand ahead of the stock split. Zcash ETFs data. Source: Sosovalue Technical outlook: Will Zcash hold above $1,300? Zcash trades around $1,412 at press time on Wednesday, extending the pullback from Sunday’s high of $1,698. The privacy coin maintains a near-term bearish bias after three consecutive days of losses totaling around 15%. The price hovers below the 50- and 100-period Exponential Moving Averages (EMAs) on the four-hour chart at $1,494 and $1,425, respectively, while only the 200-period EMA at $1,254 underpins the broader structure. The path of least resistance targets a downside to the September 9 high at $1,296, reinforced by the 200-period EMA at $1,254, projecting a potential 10% downside risk. The Moving Average Convergence Divergence (MACD) remains in negative territory with a bearish profile, and the Relative Strength Index (RSI) around 41 suggests subdued demand, reinforcing the risk of further downside. ZEC/USDT four-hour price chart. On the topside, initial resistance…