Whales Try Playing Zcash Price Santa — But Can The Rally To $655 Arrive In Time?
Zcash whales are accumulating, supporting a technical bull flag target of $655, but weak retail buying and bearish derivatives suggest timing is uncertain.Summary
Zcash (ZEC) is trading near $446, maintaining an active bull flag breakout pattern projected to reach $655, a target confirmed by Fibonacci extensions. Large holders ("mega whales") have increased their spot holdings by 2.86% in 24 hours, suggesting long-term conviction. However, the rally faces a timing issue because broader market sentiment is weak. The Money Flow Index (MFI) shows lower lows despite price increases, signaling weak buying pressure from smaller participants. Furthermore, derivatives data from Hyperliquid shows that traders in perpetual contracts (perps), including smart money and top addresses, are predominantly net short or cutting long exposure, indicating a lack of trust in the immediate upward move.
The path to the $655 target requires clearing key resistance levels: $458 (0.5 Fibonacci), then $479 and $508. Reaching $546 would validate the momentum needed for the $655 goal. If momentum fails, support levels at $411 and $370 are critical for preventing invalidation of the current bullish structure.
(Source：BeInCrypto)