Zcash has fallen back below the psychologically important $1,000 level, with ZEC trading near $980 on November 11 after losing 10.2% in the previous session. The decline puts the $1,158 resistance zone—described as a bearish breaker block—at the center of the next technical test, while a conditional downside objective sits at $853.99, a further 26.3% drop from the $1,158 area.
CoinGlass data showed roughly $40 million in ZEC liquidations, with long positions accounting for the bulk of forced closures. Zcash initially retreated from above $1,380 on November 6 and closed November 10 near $1,046. By November 11, CoinGlass placed ZEC near $980, with the daily RSI at 37 and the four-hour RSI at 23.3, indicating deeply oversold conditions on shorter timeframes.
According to CoinGecko, ZEC lost approximately 14% over 24 hours and traded around $975, marking a 42% collapse from its multi-year high near $1,700 reached in September. Zcash's market capitalization fell to roughly $16.6 billion, pushing it out of the top 10 cryptocurrencies after Hyperliquid overtook it.
The correction occurred despite Grayscale's announcement that it will reinvest 100% of its ZEC ETF sponsor fees into the Zcash network across development, marketing, community, and education. Analysts remain divided: Altcoin Sherpa expects an eventual bottom in the $800–$900 range, while Crypto Patel warned of a possible decline toward the $500–$200 zone and advised taking partial profits.
On-chain and derivatives indicators offered a mixed picture. ZEC's RSI stood at 29, traditionally viewed as oversold and a potential precursor to a short-term rebound. Exchange netflow data also showed outflows exceeding inflows over recent days, suggesting investors are moving coins to self-custody and reducing immediate selling pressure. Meanwhile, a large trader with a 10x long position on 18,000 ZEC worth $17.63 million has seen a paper loss of more than $2.8 million, with full liquidation risk near $895 unless additional collateral is added.
