Zcash accumulation and bullish futures set up potential ZEC breakout to $802

Beincrypto reports that Zcash exchange balances fell 20.75%, a move the outlet says signals strong accumulation and reduced selling pressure as derivatives funding flipped positive and traders shifted toward long positions.

According to Nansen, ZEC holdings on centralized exchanges dropped by 20.75% in the last 24 hours, which the report interprets as significant outflows consistent with investor accumulation; when coins move off exchanges, selling pressure often decreases. Derivatives data from Coinglass showed futures funding was negative for nine consecutive days while shorts dominated, but funding turned positive over the last 24 hours, indicating traders are increasingly willing to pay to stay long.

ZEC is trading near $512 within an ascending wedge pattern; a successful break above resistance could drive price nearly 38% higher toward the $802 target, with a confirmed breakout requiring $600 to flip into support. Downside risk remains — a drop below $500 would weaken the structure and could see price fall toward $442 — and the article notes the analysis is for informational purposes only and should not be considered investment advice.

Key Topics

Crypto, Zcash, Zec, Nansen, Coinglass, Centralized Exchanges