Zcash Falls About 15% for the Day as Exchange Inflows Persist

Zcash (ZEC) fell about 15% for the day and traded below $1,100, while its market value dropped to nearly $18.3 billion. It remained among the 10 largest cryptocurrencies by market capitalization.

The decline came amid a broader crypto-market pullback and a higher-than-expected U.S. inflation reading. Bitcoin (BTC) also fell 3% on a daily basis.

ZEC traded at $1,181 at 11:49 a.m. ET (15:49 UTC) Oct. 13, down 6.91% over the previous 24 hours.

Market indicators pointed in different directions. ZEC’s relative strength index (RSI), a momentum measure, stood at 30, a level associated with oversold conditions. Exchange netflows showed inflows exceeding outflows over the past few weeks, potentially adding near-term selling pressure.

Altcoin Sherpa described a drop to $1,000 or below as a “gift.” X Finance Bull said they sold their full ZEC position earlier this year when the token reached $1,500, but the pullback prompted them to revisit its chart and fundamentals.