The operation of ZEC is really impressive! It was still at 775 dollars yesterday, and today it directly fell to 548, evaporating 23% overnight. Privacy coins are overall taking a hit: ZEN fell by 18%, and DASH even more severely by 31%.

Those who chased the highs are probably crying right now. If you look closely at the market, there are interesting spots —

The funding rate has turned from negative to positive. What does this mean? Previously, the short positions were paying protection fees to the long positions, and now it has reversed. Combined with the Bollinger Bands being broken, MACD showing a bearish divergence, and a drop in volume with a rebound in low volume, this is a typical signal of the operators offloading.

There are still people wanting to bottom fish, don’t be naive. This wave is not a simple pullback, it’s a "fall continuation," the knife is still going down. The support level is around 544 (Bollinger Band lower track), if it breaks 500, it will be in trouble.

The tricks in the crypto world are old: first pump the price to scare the shorts, then dump the price to scare the longs. This wave with ZEC is just following the script. Smart people should stay calm and watch the show at this time, so as not to become the last one holding the bag.