zec

Zcash (ZEC) is feeling the heat. After a sharp 12% drop, the privacy coin is facing a classic "capital flight" scenario. When $52 million leaves the building in a single session, people start looking for the nearest exit.
The big question now: is this just a nasty speed bump, or are we looking at a deeper structural collapse?
The Momentum Problem
The technicals aren't exactly painting a pretty picture. If you look at the indicators, the exhaustion is visible.
MACD Fatigue: The Moving Average Convergence Divergence (MACD) shows bullish momentum is basically on life support. The histogram is fading fast, shifting from deep green to a pale shadow of its former self.
Money Flow: The Chaikin Money Flow (CMF) confirms what the price action suggests—selling volume is dominating the room.
Futures Shakeout: Roughly $52 million was pulled from ZEC’s perpetual futures market, with nearly $3 million in liquidations. That’s a lot of forced selling.
Is There a Silver Lining?
It’s not all doom and gloom, though. While the derivatives market is panicking, the spot market is showing a bit of backbone.
On February 18th, buyers actually stepped in to the tune of $18 million. This suggests that while traders are dumping their leveraged bets, some long-term investors are happy to "buy the dip" at these lower levels.
The Verdict
The Long/Short ratio has dipped to 0.923. In plain English: there are more people betting on a crash than a recovery right now. For the bulls to take back the wheel, ZEC needs to hold its ground through the daily close and hope that spot demand keeps outshining the futures wreckage.
If the funding rate flips negative, the bears will likely double down, and that "deeper breakdown" everyone is worried about could become a reality very quickly.