Key Notes
Analyst Ardi reports strong sell pressure at the ZCash price of $380, with sell volume nearly triple buy volume.
He said that failure to reclaim $380 could push ZEC toward the $250–$290 range.
However, analyst Altcoin Sherpa sees a swing-long setup, noting support at the 0.618 Fibonacci level and potential 20–40% upside.
After a 50% crash from its peak of $700 in mid-November, privacy coin ZCash shows signs of recovery with 9% gains in the last 24 hours. In a relief to investors, ZEC price is now trading at $364. However, market experts remain divided on whether this is a sustained recovery or a dead cat bounce.
ZCash (ZEC) Price Bounces Back, but Sellers Pile Up
After facing a massive crash, ZCash (ZEC) price is showing signs of a bounce back, gaining 9%. However, today’s upside comes with a 10% drop in daily trading volumes, to $1.4 billion. This highlights a weakness for the bullish momentum to continue
Crypto analyst Ardi reported increasing whale activity in Zcash (ZEC), noting a positive delta of +1.06 as large holders attempt to trigger a price rebound. However, he highlighted significant sell pressure at the $380 resistance level. Ardi noted that the sell volume reached 18.7 million, nearly triple the 6.1 million buy volume recorded at the same zone.
ZCash price rally and sell volume | Source: TradingView
Ardi said the imbalance indicates heavy distribution, with sellers using available liquidity to offload positions. He added that unless ZEC can reclaim the $380 level, current whale bids risk becoming “exit liquidity” for bearish participants.
Ardi also stated that if the bulls manage to take out $380, it would trigger a short squeeze straight to $420 levels. However, if they face rejection here, bears could take the ZCash price in the $250–$290 range.
ZEC Showing Swing Trade Setup, Says Analyst
Crypto analyst Altcoin Sherpa said the ZCash price is presenting a potential swing-long opportunity. Sherpa noted that the price has retraced to the 0.618 Fibonacci level, a zone he views as strong support. He added that while a return to all-time highs appears unlikely, the setup could offer a 20–40% upside on a rebound.
ZEC swing trade opportunity | Source: Altcoin Sherpa
Related article: Zcash Foundation Targets Small ZEC DAT Domain in Trademark Enforcement
Sherpa cautioned that traders should place a stop-loss below the 0.618 level to manage downside risk.
During its spectacular rally in November, ZCash also attracted strong institutional interest. Big players like Nasdaq-listed Reliance Global and Winklevoss-backed Cypherpunk Technologies announced their ZEC treasury plans.
