Zcash Leverage Pattern Points to a Delayed Upmove — $404 Is Now the Line to Watch?
Zcash's recent pullback suggests a delayed uptrend, with reclaiming the $404 level being crucial for confirming renewed buyer confidence.Summary
Zcash (ZEC) has cooled off after a significant rally, dropping about 11% weekly and 43% monthly, leading to questions about the trend's sustainability. Momentum indicators show mixed signals: the Chaikin Money Flow (CMF) suggests slight underlying buying pressure via a bullish divergence, but it remains below zero, indicating cautious capital flow. On-Balance Volume (OBV) shows no bullish divergence, confirming that volume does not yet support a trend shift.
Leverage data reveals a split among traders: short positions dominate in the seven-day view ($44M vs $14M longs), suggesting short-term bearishness. However, the 30-day view shows balanced leverage ($38M for both longs and shorts), indicating longer-term traders anticipate an upward move. This discrepancy explains why the potential uptrend appears delayed rather than cancelled.
Price action is key: $301 is the critical support level maintaining the broader uptrend. The immediate control point is $404; a daily close above this level would signal growing buyer confidence, potentially leading toward the next resistance at $520. Failure to reclaim $404 keeps downside risk open, while losing $301 would expose deeper pullbacks.
(Source：BeInCrypto)