Jun. 4 at 11:56 PM
$CYPH ZEC broke below the crucial
$520–
$550 support zone, confirming a developing head-and-shoulders pattern that analysts had flagged. This triggered automated sell-offs and liquidated a significant long position worth
$777,000 at
$571.45 (Binance_FL). High volume of
$1.44B confirms aggressive selling.
What it means: The failure to hold previous support has shifted market structure to bearish, with momentum indicators like the RSI at 25.84 showing oversold but not yet reversing.
Watch for: The
$435–
$450 area as the next potential support. A daily close below
$435 would open the path to the pattern's
$390 target.
