Zcash Price Prepares For $500 as Exchanges’ ZEC Balance Falls 44%
Zcash price shows recovery signs as exchange balances drop 44%, suggesting heavy holder accumulation and potentially invalidating a prior bearish projection.Summary
Zcash (ZEC) is showing signs of recovery after a recent pullback, potentially avoiding a previously projected 55% crash. A significant indicator is the sharp drop in ZEC held on exchanges, which fell by approximately 48%, signaling active accumulation as investors move tokens to private wallets, thus reducing sell-side liquidity.
On-chain indicators support this bullish outlook; the Chaikin Money Flow (CMF) shows a bullish divergence against price, printing higher highs while ZEC posted lower lows, indicating underlying capital accumulation. Currently trading near $380, ZEC is range-bound between $340 and $405.
The probability of the prior bearish scenario (a drop to $171) is reduced. A confirmed move above $450 would invalidate the downside projection and could pave the way for ZEC to target $504. However, if sentiment reverses and ZEC falls below $340, it could slide toward $300, keeping the bearish pattern active.
(Source：BeInCrypto)