- A new wallet withdrew 50,000 ZEC worth ~$22.17M from Binance, a move often linked to self-custody and reduced sell pressure.
- Zcash surged nearly 2,000% to $662.99, where strong rejection marked a key resistance level.
- An RSI near 58 and a bullish MACD crossover suggest momentum remains supportive.
One of the most significant on-chain transactions that has come into the limelight is where a newly formed wallet withdrew 50K tokens of ZEC worth approximately $22.17 million from Binance. According to Arkham Intelligence data, the money was directed to a newly formed address.
Source: OnchainLens
There is some expectation that large withdrawals from the exchange are a step towards self-custodying, which may alleviate some pressures of selling. The transfer of the funds to a new address is the speculation of the entry of either a whale or an institutional trader.
Also Read: Zcash (ZEC) Price Prediction: Descending Channel Breakout Suggest a Rally to $1,000
Zcash’s Explosive Rally Meets Precision Resistance
However, the crypto analyst, Javon Marks, revealed that Zcash (ZEC) has made one of the most accurately technical transitions within the current events in the cryptocurrency market, rising to a record-high level of nearly 2,000% to hit the target price of $662.99 that has already been predetermined prior to its rise. Its price rise has almost halted at a level where a strong market reaction has been noticed in the price charts to determine it as a significant resistance level.
Source: Javon Marks
After the rejection at $662.99, ZEC embarks on a critical phase of consolidation. Based on the sell-side volume triggered following the rejection, profit-taking appears to be accelerating; however, market orientation continues to command primary attention. Whether a pause in market action translates into a continuation pattern or a corrective phase depends on market developments.
Momentum Indicators Flash Bullish Signals for ZEC
The Relative Strength Index (RSI) is seen hovering around 58 levels after bouncing back from the mid-40s, indicating a gain in momentum after a recent retreat. Though still below the level of 70, a zone that marks the overbought level, being above the 50 mark indicates a possible regaining of control by the buying forces, although a short-term consolidation phase cannot be ruled out.
Source: TradingView
At the same time, the MACD has signaled a bullish crossover, with the MACD line crossing above the signal line while the histogram is turning positive. One should note that ZEC may continue moving up if the buildup of momentum sustains the RSI rise towards the 60-65 range, whereas crossing the RSI 50 level down would constitute the resumed risk of the fall.
Also Read: Zcash Breakout Alert: ZEC Eyes $500–$560 After Strong Consolidation
