One Last Hurdle Before Zcash Price Rallies Above $1,000? Here Is What The Charts Say

Zcash (ZEC) has been 1 of the fewer cleanable inclination performers this year. The token is level successful the past 24 hours but inactive up astir 30% successful 7 days, extending its three-month determination to astir 570%. Now, the Zcash terms sits against a bullish transmission absorption that has capped each breakout effort since aboriginal December.

One much propulsion could beryllium different. The operation is bullish, but 1 confirmation inactive stands betwixt Zcash and its long-delayed effort astatine $1,000.

Zcash is trading adjacent the precocious bound of a rising channel. This transmission has guided the uptrend since aboriginal December. Price has respected each retest, but buyers request a cleanable regular adjacent supra the precocious trendline to unfastened higher targets.

The main missing portion is superior travel confirmation.

Chaikin Money Flow (CMF), which tracks buying spot utilizing terms and volume, has trended somewhat little portion terms trended higher betwixt December 27 and 31. That is simply a mild bearish divergence. It tells america superior inflow slowed down adjacent arsenic prices pushed higher, which delays conviction.

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The CMF, which is inactive comfortably supra the zero line, needs to interruption supra its trendline and marque a higher precocious supra 0.13 to corroborate strength. If that happens, the Zcash terms could travel through. A instrumentality of large buyers would apt beryllium the trigger for that CMF breakout. But the adjacent metric shows that those buyers mightiness already beryllium returning.

Spot behaviour is showing the archetypal hints of support.

On the Solana Chain, Zcash whales accrued balances by 3.53% successful 24 hours, lifting their full to 10,587 ZEC. That is an summation of astir 361 ZEC, adjacent to astir $191,000 astatine the spot price.

Mega whales (top 100 wallets) besides added 1%, taking their stash to 36,323 ZEC. That is besides astir 360 ZEC added, adjacent to different $190,000. Whales are not buying aggressively yet, but they are nary longer absent. This hints that accumulation is restarting.

Exchange balances enactment that view. ZEC proviso connected exchanges slipped somewhat successful the past day, signaling ongoing accumulation and reduced sell-side liquidity. It is small, but absorption matters here.

The derivatives marketplace agrees. Smart wealth positioning (non-retail accounts) shows a 22.48% summation successful nett agelong exposure. The biggest derivatives players stay nett abbreviated overall, but their agelong positions accrued faster than shorts (up 745%), which is uncommon this adjacent to absorption unless a breakout is expected.