Zcash narrowly avoids 34% breakdown after last‑minute dip buying

Beincrypto reports Zcash price narrowly avoided a projected 34% breakdown near $359 after buyers stepped in, producing a long lower wick on the 12‑hour chart that prevented a head‑and‑shoulders breakdown from confirming.

The 12‑hour view showed a near‑complete head‑and‑shoulders pattern and a bullish RSI divergence between January 10 and January 19 (price making a lower low while RSI made a higher low), which often signals a short‑term bounce but remains fragile; the divergence would weaken if price closes below $335. Over the past seven days whales increased holdings by 12.65%, lifting whale‑held supply to roughly 9,950 ZEC, while top‑100 addresses did not meaningfully add. Spot exchange net outflows have collapsed from a late‑November peak near $61 million to $15.7 million on January 18 and $7.68 million on January 19, and the Money Flow Index showed higher lows consistent with dip buying rather than breakout chasing.

Key levels now decide whether the save becomes a reversal: the $359–$350 zone must hold on a 12‑hour close to avoid reactivating the bearish pattern and reopening downside toward $250; on the upside $450 is the first real test and the bearish structure only fully breaks above $559. In short, buyers delayed the projected drop but did not remove the risk—what happens next depends on whether defenders maintain conviction at these levels.

Key Topics

Crypto, Zcash, Zec, Whales, Relative Strength Index, Spot Outflows