- Whale Insider reports a major ZEC long position, with 3.54M USDC deposited into Hyperliquid for a limit order at $508.50.
- Key support level found around $501, serving as a critical entry point for traders defending the token.
- ZEC may revisit its previous all-time high of $749 if bullish momentum continues and resistance levels are broken.
Zcash (ZEC) continues its upward momentum, showing strong bullish performance in the market. The token has surged nearly 20.93% in the past 24 hours and recorded an impressive 63.78% gain over the past week, signaling growing investor confidence.
At the time of writing, ZEC is trading at $633.19, supported by a 24-hour trading volume of $3.2 billion, marking a 22.57% dip compared to the previous day. Its market capitalization now stands at approximately $10.29 billion, reflecting heightened market activity and investor interest.
Source: CoinMarketCap
Also Read: Zcash (ZEC) Eyes $575 Short-Term Target with Rising Buying Pressure
Zcash (ZEC) Bulls Rise as Whale Places Long Bet
The data from Whale Insider revealed that a new crypto whale has made a splash by depositing 3.54 million USDC into Hyperliquid, immediately placing a limit long order for $ZEC at $508.50. The sizable move highlights strong bullish sentiment and has drawn attention across the market. Whales like this can influence trends due to the scale of their trades.
Source: X
Hyperliquid’s trading platform makes strategic entry points possible for institutional investors, and the fact that there’s a limit order for a strategic entry point suggests that there’s an aim to maximize risk versus reward. As ZEC hits $508.50, market participation and volatility are bound to escalate. Indeed, market participants are keen to see if there’s accumulation or if there’s purely a strategic move.
ZEC Price Action Signals Potential Rebound Toward $749
Moreover, the crypto analyst Altcoin Sherpa highlighted that ZEC recently spiked to around $749, but its sudden and irregular surge makes it seem like this level will not last long. The price has since corrected itself considerably, initially finding support around $501. It’s important to note that heavy trading volumes around this point show that buyers are aggressively holding up this price level.
Source: X
On the upside, ZEC has managed to overcome some short-term resistances in the zone around $588. As a result, there seems to be a great chance that if this movement continues positively, there could be a midterm target not so far away at $660. In case it breaks past that point effectively, there’s a probable revisit to $749.
At the same time, major Fib retracement levels of $475.40, $390.81, and $306.22 are important in identifying possible areas where there could be temporary market stabilizations or market retracements. These areas are possible trading entry points during market pullbacks or consolidation phases.
Also Read: Zcash (ZEC) Technical Outlook: Bulls Aim for $642 Resistance After Recent Dip
