$15 Million Leans Bearish on Zcash Price — Can Mega Whales Counter the Crash Setup?
Zcash faces bearish technical risks and significant short positioning, but mega whales are quietly accumulating against the trend.Summary
The Zcash (ZEC) price is at a critical juncture, showing technical weakness with a forming head-and-shoulders pattern on the daily chart, targeting a breakdown near the $301 neckline. Momentum, as measured by the RSI, is stalling, confirming fading demand. Derivatives positioning strongly favors the downside, with over $15 million in short liquidation leverage compared to $6 million for longs, indicating traders anticipate a drop. However, spot market behavior shows a divergence: while overall spot buying pressure has dropped significantly, top 100 addresses increased holdings by 4.21%, driven exclusively by mega whales who are cautiously accumulating. This sets up a conflict: the broader market is positioned for a crash, but mega whales are betting on a reversal or support holding. Key downside levels are $316 and $301; reclaiming $405 would begin to invalidate the immediate bearish structure.
(Source：BeInCrypto)