Zcash Surge as Whales Accumulate: Key Price Levels to Watch

Zcash Rebound: A Strategic Move

The price of Zcash has shown a notable recovery after a period of weakness, climbing nearly 15% from a low of $336 to approximately $362 since January 19. This movement follows a confirmed bearish pattern break, which often traps overzealous sellers.

Focus on the 100-Day EMA

The current structure remains uncertain; however, underlying accumulation has increased. The focal point is a key Fibonacci level, approximately 9% higher, coinciding with the 100-day EMA. Reclaiming this level could signify a transition from a mere bounce to a potential rally.

Whale Accumulation Signals Confidence

On-chain data reveals that top holders, or 'mega whales,' have increased their ZEC holdings by about 9%, reaching 42,623 ZEC, signaling robust accumulation during this rebound. Standard whale wallets have mirrored this trend, increasing holdings by 5%.

Market Dynamics and Indicators

Despite active sellers near resistance at $386, whale accumulation continues, suggesting potential price strength. A bullish divergence in the Money Flow Index, where price declines but MFI rises, indicates underlying dip buying. Additionally, derivatives positioning shows a balanced leverage, with short liquidations slightly exceeding longs, suggesting potential for upward pressure without a full trend reversal.

Critical Price Levels to Confirm or Invalidate Trends

If ZEC falls below $335-$336, the bearish pattern remains active. Conversely, surpassing the $386-$395 range, aligning with the 100-day EMA, would weaken the bearish structure, with further gains possible toward $463 and beyond $557, invalidating the broader bearish thesis.

The Zcash market is at a pivotal juncture, with a 15% rebound, whale accumulation, and visible dip buying pressure. The outcome hinges on reclaiming the critical level that historically precedes significant moves.