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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.
Source: CoinGlass
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.
Source: Coinalyze
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.
Source: CoinGlass
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.
Source: TradingView
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.
