Zcash May See ‘violent End’ As Zec Price Rallies 1500% In Just Two...

ZEC has reached its most overbought reading on record, increasing the risk of a sharp 60% or more correction in the coming weeks.

ZEC is extremely overbought on the charts, risking a correction in the coming weeks.

Zcash can still rally toward $900–$1,000 if the parabolic advance holds.

Zcash (ZEC) has skyrocketed by around 1,500% in the past two months, surging to $750—its highest level since January 2018—especially following endorsements from prominent crypto figures such as Naval Ravikant and Arthur Hayes.

In particular, Hayes projects ZEC’s price to reach $1,000 in 2025 and $10,000 in the long term. However, technical indicators suggest significant downside risks, and traders should be wary of a substantial price correction.

Zcash’s weekly relative strength index (RSI) reading reached 94.24 this week, its highest on record.

Historically, ZEC’s price can continue to rally for several weeks after entering the overbought zone above 70, often followed by sharp multimonth corrections ranging from 45% to over 90%.

What makes the current rally unique is its duration. ZEC’s relative strength index, or RSI, has remained above 70 since late September, marking the most extended sustained period of overbought conditions in Zcash history.

Several analysts anticipate Zcash will undergo a sharp correction in the coming days as a result. That includes Altcoin Sherpa, who said it is a “great short” and may suffer a “violent end.”

Trader Edward Morra and DarkSide stated that ZEC’s price may drop to $500 in November from its current prices above $600.

Source: CoinTelegraph