Zcash (ZEC) has experienced a significant decline, dropping 8.29% to $205 as it faces intense selling pressure. The altcoin, which recently faced rejection at $251, has been unable to maintain its $250 support level, leading to three consecutive days of lower lows. The sustained decline has pushed ZEC below both its short-term and long-term moving averages, indicating strong downside pressure. Market data shows a higher sell-side volume, with short-term holders capitulating and closing positions. The Spot Taker CVD and negative Buy Sell Volume to Price Pressure metrics highlight the dominance of selling pressure over buying. Despite some retail investors attempting to accumulate ZEC at lower prices, the overall demand remains weak, as indicated by a negative Demand Index reading of -25. If the selling trend continues, Zcash could breach the $200 support level and potentially drop to $185.