Large holders of Zcash have quietly accumulated nearly 13% more of the privacy-focused cryptocurrency over the past week as the token attempts to recover from a 30% decline triggered by developer departures and eroding investor confidence in late December.
What Happened: Whale Buying Signals Shift
On-chain data shows addresses holding more than $1 million in crypto assets increased their ZEC balances by approximately 13% over the past week.
These wallets now collectively hold around 9,962 ZEC.
The accumulation coincided with ZEC reclaiming the $403 price level.
Whale buying activity has helped absorb selling pressure from smaller holders during what has been a volatile stretch for the token.
Technical indicators point to potential further gains. The Moving Average Convergence Divergence indicator is approaching a bullish crossover, with the histogram compressing as red bars shrink steadily.
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Why It Matters: Recovery Path Remains Uncertain
ZEC has climbed roughly 13% over the past three days and trades around $421. The Parabolic SAR indicator has flipped below the candlesticks, suggesting an uptrend may be forming.
If buying pressure continues, ZEC could challenge resistance at $443.
Breaking that level would open a path toward the psychologically significant $500 mark.
Failure to clear $443 would leave the token range-bound between that resistance and the $403 support level. A breakdown below $403 could push prices toward $363 and invalidate the current bullish structure.
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