Zcash [ZEC] maintained strong bullish momentum after defending the $500 support level four days ago.
The privacy coin rallied to $593 before slightly retracing. At press time, ZEC traded at $581, up 3.2% over the past 24 hours. The latest move pushed whales and leveraged traders toward a more bullish stance.
Why are whales turning bullish on Zcash?
According to Lookonchain, a whale opened a 10x leveraged long position involving 36,875 ZEC worth $21.59 million. As ZEC continued rising, the position reached an unrealized profit of around $1.8 million.
On top of that, futures activity across the market also increased sharply.
CoinGlass data showed Zcash recorded $880 million in Futures Inflows compared to $800 million in Futures Outflows.
As a result, Futures Netflow surged 87% to $80 million. Positive Futures Netflow typically indicated traders opened more positions than they closed.
Meanwhile, Coinalyze data showed the Long/Short Ratio dropped to 0.65 across major exchanges.
Long positions accounted for 39% of open positions, while shorts represented 60%. That imbalance suggested traders still heavily shorted the market despite ZEC’s ongoing rally.
Can ZEC still flip $600?
Zcash continued extending gains as rising prices pressured short sellers across derivatives markets. As shorts attempted to cover positions, liquidation pressure accelerated bullish momentum.
CoinGlass data showed that more than $3.8 million in short positions were liquidated.
That shift strengthened upside momentum further and placed short positions at the center of ZEC’s next move.
If additional shorts get liquidated while traders continue covering positions, ZEC could reclaim $600 and target $620 next.
However, broader trend confirmation remained incomplete despite the short-term rally.
True Strength Index remained in negative territory, suggesting bullish momentum still lacked stronger trend conviction. For a confirmed breakout structure, ZEC needs a daily close above $600.
Failure to reclaim that level could allow sellers to regain control and drag the market toward $515 support.
Final Summary
- Zcash [ZEC] rallied from $500 support and traded near $600 after touching a local high of $593.
- ZEC needs a daily close above $600 to confirm bullish continuation and target the $620 resistance zone.
