Zcash Faces Further Decline as Bearish Sentiment Intensifies

The Zcash market is under significant pressure, with its price fluctuating around $247. This downward trend is likely due to the bearish sentiment prevailing in the broader crypto market, which has resulted in liquidations worth $4.81 million.

According to technical analysis, the MACD and signal lines have crossed below the zero line, indicating a shift towards bearish trends. The CMF indicator is at -0.17, suggesting strong selling pressure. Moreover, the daily RSI of 35.36 indicates that sellers are currently in control.

The asset's BBP reading of -9.72 further reinforces this notion, implying aggressive selling dominance. However, it remains to be seen whether Zcash will manage to hold onto its support level at $240.34 or succumb to further bearish pressure.