Privacy and Layer-2 Tokens Slide as Bearish Sentiment Hits ZEC, STRK, and ENA

Key Moments

Risk-Off Mood Pressures ZEC, STRK, and ENA

Zcash (ZEC), Starknet (STRK), and Ethena (ENA) began December under pronounced selling pressure, continuing the downside move that developed last week. All three tokens registered sharp losses over the last 24 hours, placing them among the weakest performers and leaving them exposed to further declines if bearish momentum persists.

TOP "CRYPTO-LOSERS" (24h) @CoinMarketCap — FOR 'DIP BUYERS' 📊📉📉;

– Zcash $ZEC = $458.60
– $DASH = $57.94

– Celestia $TIA = $0.59
– $VIRTUALs Protocol = $0.93

– Aptos $APT = $2.12
– $PI = $0.25

– Starknet $STRK = $0.13
– $IOTA = $0.113

– Ethena $ENA = $0.27
– $MYX Finance… pic.twitter.com/C3FOEE4vft

— Daily Tips (@tipcoinchat) November 28, 2025

Zcash Slips Below $400 as Technicals Flag Deeper Downside

Zcash came under additional scrutiny after Ethereum co-founder Vitalik Buterin cautioned the Zcash community about adopting token-based voting mechanisms that could undermine the project’s current privacy framework over the long term.

On Monday, ZEC traded below the $400 handle and remained under its 50-day Exponential Moving Average (EMA). At the time of writing, the privacy-focused asset was down 10%, reflecting sustained selling interest.

Momentum gauges reinforced the negative backdrop. The Relative Strength Index (RSI) stood at 39, extending its downward trajectory toward the oversold band. The Moving Average Convergence Divergence (MACD) line had moved below the zero threshold, while the signal line aligned with the downtrend and red histogram bars, together signaling solid bearish momentum.

The nearest area of support for ZEC is clustered around the $300 psychological level, which was last tested on October 30.

Should ZEC reclaim and hold above the 50-day EMA at $433, the move could open room for a push through the $500 psychological barrier.

Starknet Nears Key $0.1000 Threshold Under Heavy Selling

Starknet also faced intense downside pressure. By press time on Monday, STRK had dropped more than 5%, with bears in control as the token extended its reversal from the 50-day EMA triggered on Thursday. The current move leaves the zero-knowledge layer-2 token vulnerable to a breakdown of the $0.1000 round-number level.

On the daily chart, momentum indicators continued to suggest a bearish bias. The RSI was at 40, having slipped below the neutral 50 mark, and retained scope to fall further before entering oversold territory below 30. The MACD and its signal line both trended lower, while a sequence of red histogram bars remained below the zero line, underscoring ongoing negative momentum.

If STRK fails to hold the $0.1000 handle, the token could revisit support near $0.0962, which aligns with the low posted on June 22.

For buyers to regain control, STRK bulls would need to defend the $0.1000 level. A successful defense could fuel a recovery move toward the 50-day EMA at $0.1465.

Ethena Extends Weekend Losses Within Falling Channel

Ethena also faced renewed weakness. By press time on Monday, ENA had shed 5%, adding to an 8% decline recorded on Sunday. The synthetic dollar token was retreating from resistance at the upper boundary of a falling channel pattern visible on the daily logarithmic chart, reinforcing the short-term downtrend.

Price action was accompanied by softening momentum indicators. Ethena’s RSI was at 35, turning lower from the midline and moving closer to oversold territory. At the same time, the MACD was poised to cross below its signal line, which would constitute a fresh bearish signal pointing to a possible continuation of the downtrend.

The prevailing pattern raises the risk of a break beneath the $0.2180 low registered on November 21. A clear move below that level could bring the $0.1313 low from October 10 into view as the next downside objective.

If ENA manages to stay above $0.2180, the price structure could evolve into a potential double bottom pattern. In that scenario, a rebound from this base would likely target the channel’s resistance trendline near $0.2900.