Zcash Faces Bearish Pressure Amid Whale Accumulation
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 2h ago- Deteriorating Technical Structure: Zcash's daily chart shows a head-and-shoulders pattern with the neckline near $301, indicating trend exhaustion, as the current price trades below the right shoulder, suggesting a potential 36% breakdown.
- Surge in Bearish Positions: On Binance's ZEC perpetual pair, over $15 million is positioned in short liquidation leverage compared to approximately $6 million in long positions, with shorts outweighing longs by more than 2.5 times, reflecting a bearish market sentiment towards Zcash.
- Whale Accumulation: The top 100 Zcash addresses increased their holdings by 4.21% in the past 24 hours, raising their total balance to 44,264 ZEC, indicating that some investors are accumulating near key support levels.
- Sharp Decline in Market Activity: Spot market activity has sharply decreased, with net outflows dropping from a peak of $15.60 million to around $2.04 million, highlighting a significant reduction in market participation.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
