One Last Hurdle Before Zcash Price Rallies Above $1,000? Here Is What The Charts Say
Zcash is testing bullish channel resistance, needing Chaikin Money Flow confirmation and sustained whale accumulation to target a rally toward $1,000.Summary
Zcash (ZEC) has shown strong performance, rising nearly 570% over three months, but it currently faces resistance at the upper boundary of a rising channel that has held since early December. For a rally toward $1,000, Zcash needs a clean daily close above this resistance and confirmation from the Chaikin Money Flow (CMF), which currently shows a mild bearish divergence due to slowing capital inflow.
Supporting the potential breakout, on-chain data indicates that Zcash whales and mega whales have recently increased their balances, suggesting accumulation is restarting. Furthermore, smart money positioning in the derivatives market shows a significant increase in net long exposure relative to shorts. This whale activity is crucial as it could drive the CMF above its trendline (above 0.13), confirming strength.
If ZEC breaks resistance, the immediate targets are $546 and then $594. A confirmed break above $594, supported by CMF confirmation, projects an 84% upside target near $831, setting the stage for the ultimate goal of $1,007. The bullish structure remains valid as long as ZEC stays above $479.
(Source：BeInCrypto)