Zcash price crashes 24% as price loses key support levels

A Bitcoin miner recently won a prize of $235,000 in Bitcoin while participating in HMining, highlighting the platform's growing influence in the cloud mining sector. This achievement has drawn attention to HMining's operations and its role in the evolving cryptocurrency landscape.

The cryptocurrency market experienced a notable rebound on December 2, with Bitcoin and leading altcoins rising over 1% in the past 24 hours, pushing the total market capitalization close to $3 trillion. This recovery follows a period of volatility and significant price fluctuations in recent weeks.

Hyperliquid's price is under increasing pressure as bullish trading volume diminishes, causing concerns about its ability to maintain the $29 support level. Analysts warn that this trend raises the risk of a significant price correction towards $19, reflecting a broader bearish sentiment in the cryptocurrency market.

Zcash (ZEC) has experienced a significant market pullback, leading to a 24% drop as the cryptocurrency market faced widespread losses. This decline follows a remarkable rally where ZEC surged over 1,775% to reach an all-time high of $750 in early November, but has since struggled to maintain key support levels, closing below crucial thresholds amid recent volatility.

Solana's price is currently testing key support levels, showing bullish RSI divergence and steady ETF inflows, indicating potential buyer interest. Analysts note that while the price has stabilized around $143 after a multi-week decline, a breakout above resistance is necessary for a sustained reversal.

Ethereum's price has fallen below the critical support level of $2,900, currently trading at approximately $2,803, reflecting a 0.9% decrease over the past day amid increasing sell pressure from large investors, known as whales. This decline follows a broader market downturn, with Ethereum experiencing a significant 26% drop in November.

Dogecoin whale activity has dropped to a 60-day low, indicating a significant decline in large-holder trades, while the meme coin is testing key support levels for 2024 and trading below its 200-day EMA. This trend suggests a bearish sentiment among major investors in the cryptocurrency market.

Aurora Labs CEO Alex Shevchenko discussed the recent surge in Zcash (ZEC), which has seen gains of over 1,500% this year, attributing this rise to a growing interest in privacy-focused cryptocurrencies. The surge is part of a broader trend where privacy tokens are gaining traction amid increasing regulatory scrutiny in the cryptocurrency market.