Zcash faces 36% breakdown risk as $15M in shorts build, mega whales add near $350

The Zcash price is nearing a critical moment as technical structure weakens and around $15 million in bearish leverage builds on perpetuals, while mega whales quietly add near the $350 area, BeInCrypto reported. On the daily chart a head-and-shoulders pattern is forming with a neckline around $301, a structure that the outlet says keeps a 36% breakdown pattern active.

ZEC is trading below the right shoulder and momentum measures show weakening: the RSI stalled near 49 between Jan. 14 and Jan. 27, indicating fading buyer strength. Derivatives positioning reinforces the bearish lean. On Binance’s ZEC perpetual, over $15 million sits in short liquidation leverage versus roughly $6 million in long liquidation leverage—shorts outweigh longs by more than 2.5x—suggesting traders are positioned for downside continuation rather than neutral volatility.

Spot and on-chain activity contrast with the derivatives view. Top 100 Zcash addresses increased holdings by 4.21% in the past 24 hours to 44,264 ZEC, while net spot outflows that once neared $15.6 million have fallen to about $2.04 million, an 87% decline in spot buying pressure.

BeInCrypto notes only mega whales are adding while most others step back. Key levels to watch: losing $350 would raise pressure toward $316, and a daily close below $301 would break the neckline and open downside toward $288.

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