Key notes
- Analyst Ardi reports strong selling pressure at the ZCash price of $380, with selling volume almost triple the buying volume.
- He said failure to recover $380 could push ZEC towards the $250-$290 range.
- However, Altcoin analyst Sherpa sees a long setup, noting support at the 0.618 Fibonacci level and 20-40% upside potential.
After 50% crash from its mid-November high of $700, ZCash privacy coin
ZEC
$421.6
24h volatility:
25.1%
Market capitalization:
$6.93 billion
Flight. 24h:
$1.19 billion
is showing signs of recovery with gains of 9% in the last 24 hours. To provide relief to investors, the price of ZEC is now trading at $364. However, market experts remain divided on whether this is a sustainable recovery or a catastrophic rebound.
ZCash (ZEC) Price Rebounds, But Sellers Are Piling In
After facing a massive crash, the price of ZCash (ZEC) is showing signs of rebound, gaining 9%. However, today’s increase comes with a 10% drop in daily trading volumes, to $1.4 billion. This highlights a weakness for the bullI would like to continue on this path
Crypto analyst Ardi has reported increasing whale activity in Zcash (ZEC), noting a positive delta of +1.06 as large holders attempt to trigger a price rebound. However, it highlighted significant selling pressure at the $380 resistance level. Ardi noted that the sales volume reached 18.7 million, almost triple the purchase volume of 6.1 million recorded in the same area.
ZCash Price Rise and Sales Volume | Source: TradingView
Ardi said the imbalance indicates a large distribution, with sellers using available liquidity to dump their positions. He added that unless ZEC can reclaim the $380 level, the current whale bids will be laughed at.sk becomes “exit liquidity” for bearish participants.
Ardi also said that if the bulls manage to pull out $380, it would trigger a short squeeze directly to the $420 level. However, if rejected here, the bears could take the ZCash price in the $250-$290 range.
ZEC Showcases Swing Trade Setup, Says Analyst
Altcoin crypto analyst Sherpa said that ZCash price presents a potential long swing opportunity. Sherpa noted that price has returned to the 0.618 Fibonacci level, an area he considers strong support.art. He added that while a return to all-time highs seems unlikely, the setup could offer a 20-40% upside in the event of a rebound.
ZEC Swing Business Opportunity | Source: Altcoin Sherpa
Sherpa warned that traders should place a stop-loss below the 0.618 level to manage downside risk.
During its spectacular rally in November, ZCash also attracted strong institutional interest. Big players like those listed on Nasdaq Global Reliance and Winklevoss-backed Cypherpunk Technologies announced their ZEC cash plans.
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Bhushan is passionate about FinTech and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually in the process of learning and remains motivated by sharing his acquired knowledge. In his free time, he reads thriller novels and sometimes explores his culinary skills.
