Zcash Price Eyes 50% Breakout As Top Holders Accumulation Strengthens
Zcash shows bullish technical signs, supported by top holders accumulating 2.7% more ZEC during a price dip, suggesting a potential 50% rally.Summary
Zcash (ZEC) is exhibiting mixed price action but maintains a bullish technical structure, supported by strong accumulation from its largest holders. Wallets in the top 100 increased their ZEC holdings by 2.7% over the last 24 hours, even as the price fell nearly 6%, indicating strategic long-term buying.
Technically, the Squeeze Momentum Indicator suggests an impending volatility expansion, and ZEC is forming an ascending triangle pattern. A breakout from this pattern, supported by holding the $403 support level, could lead to a significant 50% rally targeting $670, provided the market remains stable.
However, failure to hold the $403 support would invalidate the bullish triangle setup, potentially causing ZEC to drop toward the $340 level.
(Source：BeInCrypto)