Zcash (ZEC) Whales’ Holding Surge By 21% Even As Price Dips Below $400
Despite a price dip below $400, Zcash whales have increased their holdings by 21%, signaling potential for a price rebound.Summary
Zcash (ZEC) has been facing downward price pressure, but on-chain data reveals a surprising trend: large holders are accumulating ZEC. Wallets holding over $1 million in ZEC increased their balances by 21% in the past week, adding approximately $1.27 million in exposure. This accumulation suggests whales anticipate a price recovery and are absorbing sell pressure. Furthermore, the Squeeze Momentum Indicator is showing a bullish signal, with strengthening momentum after three weeks. While technical indicators still show a downtrend, the combination of whale accumulation and improving momentum could push ZEC towards the $442 resistance level, potentially reaching $500. However, risks remain if momentum falters, which could lead to further price declines towards $340, $300, or even $260.
(Source：BeInCrypto)