The privacy coin bloodbath continued today as Zcash ($ZEC) got absolutely wrecked, free-falling from the $750 region straight through to $440 in a matter of hours. The move, captured perfectly in Crypto Tony’s latest chart, shows one of the cleanest downtrends in the entire crypto market, with barely any meaningful bounce along the way.
Popular trader @CryptoTonyy posted the brutal $ZEC chart with the caption: “Dropped down now at speed. I am looking for a decent reaction at $440 support zone.” The post quickly went viral, racking up over 9,700 likes and 978k views in under 24 hours, as the community tries to figure out whether this is capitulation or just another leg lower.
Technical Analysis and Market Sentiment
From a technical standpoint, $ZEC has now wiped out its entire 2025 rally and then some. The former range low around $520-$540, which acted as strong support throughout October and early November, folded like paper. Lower time-frame charts show a series of lower highs and lower lows with accelerating selling volume, classic distribution behavior before a potential final flush.
Privacy coins as a sector have been underperforming for weeks. While Bitcoin consolidates above $98k and major alts show relative strength, coins like Zcash, Monero, and Dash are getting punished disproportionately. Macro liquidity concerns, regulatory overhang on privacy tech, and simple profit-taking after the earlier pump are all cited as culprits.
Key Support Level and Potential Outlook
The $440 zone Crypto Tony highlighted is essentially the last major horizontal level before we start talking about 2023-2024 lows in the $200-$300 region. A decisive weekly close below $440 would likely trigger another wave of stop-loss hunting and forced liquidations.
Bulls need an immediate violent reversal candle and higher-high structure on the 4H/daily to have any hope of a relief rally back toward $600. Until that happens, the path of least resistance remains sharply lower.
For now, traders are glued to the $440 line in the sand. Will it hold and produce the “decent reaction” Tony is looking for, or is this just a pit stop on the way to new multi-year lows? The next 48 hours should tell us everything we need to know. Tread carefully; volatility is extreme.