Zcash Whales Lose Tussle Against Sellers; ZEC Price Faces 55% Crash
BeInCrypto
ZEC price is facing a potential 55% crash after failing a breakout, despite whale accumulation efforts being overwhelmed by selling pressure.Summary
Zcash (ZEC) price action disappointed traders as a potential breakout failed due to deteriorating macro conditions, leading to a sharp reversal favoring bearish traders. On-chain data shows that while Zcash whales attempted accumulation, sellers matched this activity, evidenced by a 3.4% increase in exchange balances, signaling growing liquidation pressure. Bearish sentiment is reinforced by a sustained negative funding rate, indicating short positions dominate. Technical analysis suggests that ZEC, trading near $363 after breaking down from a triangle pattern, faces a projected 55% decline, targeting $171 if the $340 support level is lost. However, a recovery above $405 could invalidate this bearish outlook.
(Source：BeInCrypto)