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It has been several weeks since the start of the year, and the situation in the cryptocurrency industry continues to remain quite unfavorable for traders and investors alike. Most of the cryptocurrencies have seen heavy losses in the last few weeks, dropping anywhere from a few percent on a weekly basis, to dropping by 99%. While there are plenty of gainers, the majority of the crypto world is deep in the red.
Zcash is one example of a coin that has lost quite a bit — around 32.23% in the last 7 days, and it continues to spiral down. In the last 24 hours, its price dropped by another 1.55%, sinking to $93.53, which brought it below the support at $100 for the first time since July 21st, 2021. Before that brief instance in July, the last time when the coin’s price dropped below $100 was in early February 2021.
Zcash price in 2021
ZEC started 2021 with its price at $56.79, which is the lowest point it has seen in the previous year. With the crypto industry seeing a massive rally at the time, the coin’s price immediately took off, hitting $117 less than two weeks later. After that, it started correcting, but the support at $80 prevented it from going back down.
The coin then spent the rest of January and the majority of February 2021 growing, until it reached $175 after a particularly sharp spike, reaching this level on February 13th. Unfortunately, it was rejected back to $110, which it reached by the end of the month.
Zcash’s next two and a half months were marked by a great rally. The coin did encounter several resistances along the way, such as the ones at $150, $200, $250, $275, and eventually, $320. ZEC reached this last one around May 8th, and only days later, the entire crypto market crashed, forcing the coin back down to $125.
After a brief attempt to correct, ZEC reached $175 on June 3rd, only to get rejected once again, and sink, first to $100, and then, by July 20th, to $85. This was the lowest ZEC has been since July 2021, and immediately after hitting this level, it started recovering again until it hit a resistance at $175 once again. This was on September 5th, and the resistance proved to be so strong that it rejected ZEC all the way back down to $100. ZEC attempted to breach it again around October 24th, and once again it failed.
It did manage to do it a few weeks later, on November 8th, during the final major rally of 2021. The last in the year of market-wide rallies took ZEC all the way up to $275 before the coin was brought back down by the bears, and ended the year with a price of $146.
Price continues its drop in 2022
Upon entering 2022, the situation did not get a lot better for ZEC. The coin saw its price successfully stick to the $150 level. Zcash had some small fluctuations around this level, which made it pretty stable for the first five days of the new year.
On day five, however, the coin suddenly took a new dive to $130, from which it attempted to recover on January 8th by once again surging to $155, only to crash right back down. Between January 9th and January 18th, ZEC’s price was attempting to go up with the bearish trend trying to keep it down.
This constant struggle resulted in some very unstable price behavior that lasted for about 10 days, until ZEC finally crashed down to $90, only to recover slightly and hit $93, which is where we find it at the time of writing, January 24th.
To learn more about this token visit our How to invest in Zcash guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.