Zcash (ZEC) Market Cap Plummets $2 Billion as ECC Halts Development
- Market Cap Drop: Zcash (ZEC) saw its market cap plummet from $8.3 billion to $6.2 billion in just one week, losing over $2 billion, indicating a sharp decline in market confidence in privacy coins.
- Developer Turmoil: The Electric Coin Company (ECC) announced it would cease core protocol development, leading to a mass exodus of developers, which severely undermined market confidence in Zcash's future and directly impacted its price trajectory.
- Divergent Performance: While ZEC and Cardano's Midnight Network (NIGHT) both fell by 26%, Monero (XMR) experienced an 8.3% increase during the same period, highlighting a divided landscape in the privacy coin market.
- Shifting Market Trends: The decline in privacy coins occurs against a backdrop of strong performance from mainstream cryptocurrencies like Bitcoin and Ethereum, reflecting a close relationship between investor trust in privacy coins and the stability of their core teams.
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Technical Analysis for NIGHT
Technical Sentiment Analysis for (NIGHT) As of , (NIGHT) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 0 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for NIGHT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, NIGHT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(NIGHT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0274 | 0.0345 | 0.0421 | 0.0491 | 0.0568 | 0.0638 | 0.0714 |
| Fibonacci | 0.0345 | 0.0401 | 0.0435 | 0.0491 | 0.0547 | 0.0582 | 0.0638 |
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