Whales buy $3.2M of Zcash after governance shock, but price structure stays fragile

Beincrypto reports Zcash experienced a sudden governance shock that pushed its price down by over 20%, briefly dipping near $380, before buyers lifted it roughly 17% back above $440.

The sell-off followed reports that the core development team had exited, a move later clarified as a governance restructuring rather than a protocol issue. Technical damage remains: ZEC is trading inside a rising wedge on the 12‑hour chart and a bearish EMA setup is forming as the 20 EMA moves closer to the 50 EMA, leaving a roughly 30% downside risk if wedge support fails. At the same time, large holders accumulated about 7,286 ZEC—roughly $3.2 million—with whales and mega whales increasing holdings and exchange balances falling, suggesting coins moved into longer‑term storage.

Development activity has slid from about 21.85 to 19.67, and the outlet notes that historical rallies have aligned with rising development metrics, so that trend must stabilise for a healthier advance. A sustained move above $456 would improve the short‑term outlook; conversely, a loss of the wedge’s lower trendline would reopen the 30% downside target, with $360, $309 and $272 cited as key levels. Accumulation may absorb volatility but does not automatically reverse the bearish structure, so the next move depends on whether price structure and development momentum realign.

Key Topics

Crypto, Zcash, Whales, Governance Restructuring, Rising Wedge, Ema Crossover