Zcash News Today: Zcash Bulls Surpass Shorts with $16M Profit Compared to $14.5M Deficit
- Zcash (ZEC) saw $16. 3M long gains vs. $14.5M short losses on Nov 7 amid 15% price surge. - Technical indicators show ZEC above key moving averages with RSI near overbought levels. - Market diverges from BTC/ETH ETF outflows as ZEC gains traction against macroeconomic headwinds. - Risks persist with open $14.5M short position and volatility threatening sustainability.
On November 7, Zcash (ZEC) saw a significant surge in liquidations, with total contract liquidations on the network hitting $18.8 million within 24 hours. This figure was surpassed only by
The largest
Strong buying momentum has fueled ZEC’s price, which has climbed 48.74% over the past week and 15.53% in the last day, according to CoinMarketCap. One whale wallet secured $2.7 million in unrealized profits in three days by acquiring 32,000 ZEC at an average price of $513. The liquidation price for this position is $373.13, giving the trader a comfortable margin as ZEC trades above important technical levels, according to a
Technical analysis supports the bullish outlook. ZEC is trading above both its 20- and 50-period moving averages, with the RSI approaching overbought levels at 67.98 and the MACD indicating continued upward momentum. Experts believe that if ZEC stays above $520, it could challenge $575, but a drop below $495 might lead to a pullback toward $452, according to an
ZEC’s recent activity stands in contrast to the broader crypto market. While Bitcoin and Ethereum ETFs experienced outflows of $566.4 million and $219.4 million respectively on November 4,
Despite the positive sentiment, risks remain. The largest ZEC short on Hyperliquid is still open, and the token’s recent 16% weekly drop has raised questions about its sustainability. Nonetheless, institutional investors seem to be buying during market dips, with ETFs (excluding Grayscale’s GBTC) seeing a net inflow of 5,000
ZEC’s recent performance highlights a broader trend in crypto trading, with privacy-oriented coins gaining popularity as investors look for alternatives to major blockchains. Whether ZEC can sustain its momentum will depend on its ability to hold crucial support levels and manage the risks of leveraged trading in a volatile market.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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