ZEC Whales Accumulate $30M; Price Battles ‘Double Top’
The post ZEC Whales Accumulate $30M; Price Battles ‘Double Top’ appeared com. Zcash (ZEC) whales accumulated over $30 million in spot buys on Binance in a series of large orders. The price faces a short-term technical risk, forming a “double top” near $744 that must hold the $500 support level. The macro bull case, supported by Arthur Hayes, is targeting a $1,500 price, fueled by a recent $1B Open Interest peak. Zcash (ZEC) price signals a parabolic rally ahead with Binance exchange market data showing large-scale buy orders for ZEC earlier since Tuesday. More than $30 million was used to purchase ZEC coins from Binance. The buyers used approximately $1. 2 million per transaction to acquire lots of 2, 200 ZEC coins each. Binance data reveals three major clusters for these ZEC buy orders, indicating significant, coordinated whale accumulation. On the daily timeframe, the ZEC price has formed a potential reversal pattern. The mid-cap altcoin, with a fully diluted valuation of about $10. 9 billion, recently retested a major supply level around $744. After rallying beyond its 2021 peak of around $367, ZEC price is currently retesting its 2018 all-time high (ATH). In the four-hour timeframe, the ZEC price has formed a potential double-top, characterized by a bearish divergence of the Relative Strength Index (RSI). The bearish sentiment for ZEC is further exaggerated by a potential rising wedge pattern in the four-hour timeframe. The ZEC’s reversal pattern will be confirmed if it falls below $500 in the coming days. Crypto trader.