Zcash has shown mixed price action in recent sessions, alternating between short pullbacks and brief recoveries. Volatility remains elevated, yet the broader technical structure continues to lean bullish.
Despite hesitation in the spot market, ZEC’s macro trend suggests the potential for a sustained rally if key conditions align.
Zcash Holders To The Rescue
On-chain data indicates growing confidence among Zcash’s largest holders. Wallets ranked within the top 100 addresses increased their combined ZEC holdings by 2.7% over the past 24 hours. This accumulation occurred while the price declined nearly 6%, signaling strategic buying rather than reactive selling.
Such behavior reflects long-term optimism. Large holders often accumulate during drawdowns when they anticipate higher future prices. Their actions suggest expectations of recovery remain intact, providing a supportive demand base that could stabilize ZEC during periods of broader market uncertainty.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Technical indicators support this constructive outlook. The Squeeze Momentum Indicator is currently signaling the formation of a squeeze. This setup often precedes sharp price movement when volatility expands after a period of compression.
Importantly, the histogram shows bullish momentum remains active. If the squeeze releases while momentum stays positive, the resulting volatility could favor an upside move for ZEC. Broader market stability will play a crucial role in determining whether this breakout materializes.
ZEC Price Is Looking At A Rally
ZEC is forming an ascending triangle, a bullish continuation pattern that often resolves higher. The structure suggests growing buying pressure against a horizontal resistance. Based on the pattern’s measured move, a breakout could deliver a 50% rally, targeting the $670 level.
A rebound from the $403 support would strengthen this setup. Holding this level could allow Zcash to breach the $442 resistance. A successful move above $442 would likely trigger a breakout from the triangle, opening the path toward the $500 resistance. Clearing that level would confirm a broader bullish rally.
Downside risks remain if momentum fails. A breakdown below the $403 support would invalidate the ascending triangle. In that scenario, ZEC could fall toward the $340 level, erasing much of this month’s gains and negating the bullish thesis.
The post Zcash Price Eyes 50% Breakout As Top Holders Accumulation Strengthens appeared first on BeInCrypto.
