Key Notes
- Analyst Ardi reports strong sell pressure at the ZCash price of $380, with sell volume nearly triple buy volume.
- He said that failure to reclaim $380 could push ZEC toward the $250–$290 range.
- However, analyst Altcoin Sherpa sees a swing-long setup, noting support at the 0.618 Fibonacci level and potential 20–40% upside.
After a 50% crash from its peak of $700 in mid-November, privacy coin ZCash
ZEC
$363.6
24h volatility:
8.3%
Market cap:
$5.97 B
Vol. 24h:
$1.44 B
shows signs of recovery with 9% gains in the last 24 hours. In a relief to investors, ZEC price is now trading at $364. However, market experts remain divided on whether this is a sustained recovery or a dead cat bounce.
ZCash (ZEC) Price Bounces Back, but Sellers Pile Up
After facing a massive crash, ZCash (ZEC) price is showing signs of a bounce back, gaining 9%. However, today’s upside comes with a 10% drop in daily trading volumes, to $1.4 billion. This highlights a weakness for the bullish momentum to continue
Crypto analyst Ardi reported increasing whale activity in Zcash (ZEC), noting a positive delta of +1.06 as large holders attempt to trigger a price rebound. However, he highlighted significant sell pressure at the $380 resistance level. Ardi noted that the sell volume reached 18.7 million, nearly triple the 6.1 million buy volume recorded at the same zone.
ZCash price rally and sell volume | Source: TradingView
Ardi said the imbalance indicates heavy distribution, with sellers using available liquidity to offload positions. He added that unless ZEC can reclaim the $380 level, current whale bids risk becoming “exit liquidity” for bearish participants.
Ardi also stated that if the bulls manage to take out $380, it would trigger a short squeeze straight to $420 levels. However, if they face rejection here, bears could take the ZCash price in the $250–$290 range.
ZEC Showing Swing Trade Setup, Says Analyst
Crypto analyst Altcoin Sherpa said the ZCash price is presenting a potential swing-long opportunity. Sherpa noted that the price has retraced to the 0.618 Fibonacci level, a zone he views as strong support. He added that while a return to all-time highs appears unlikely, the setup could offer a 20–40% upside on a rebound.
ZEC swing trade opportunity | Source: Altcoin Sherpa
Sherpa cautioned that traders should place a stop-loss below the 0.618 level to manage downside risk.
During its spectacular rally in November, ZCash also attracted strong institutional interest. Big players like Nasdaq-listed Reliance Global and Winklevoss-backed Cypherpunk Technologies announced their ZEC treasury plans.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
