The cryptocurrency market experienced a significant downturn as the price of ZEC dropped by almost 51% in a matter of hours.
The sudden decline came after Shielded Labs publicly disclosed a vulnerability in the Orchard system, which could have allowed for the undetectable creation of counterfeit ZEC. The issue was fixed on June 2, but not before it sent shockwaves through the market.
Technical analysis reveals a bearish trend with key indicators pointing to oversold conditions and resistance levels at $541.66 and $520.8. With the price testing lower Bollinger support near $358.21, analysts expect a bounce attempt in the near future.