Zcash (ZEC) has broken below a crucial ascending triangle pattern on the 4-hour chart, leading to a significant drop of over 23% to approximately $503. This breakdown follows several unsuccessful attempts to surpass the $716 resistance level, shifting market momentum towards sellers. Analysts now project a further decline to $366, indicating a potential 28% downside from current prices. The broader cryptocurrency market is also experiencing substantial selling pressure, with over $1.69 billion in liquidations recorded. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have each fallen more than 1.5% in the past 24 hours, contributing to the market's bearish sentiment.