ZEC (Zcash) increased by 3.95% in the last 24 hours

Gate News Bot Message, December 29th, according to CoinMarketCap data, as of press time, ZEC (Zcash) is trading at $535.29, up 3.95% in the past 24 hours, with a high of $546.61 and a low of $405.01. The 24-hour trading volume reached $703 million. The current market capitalization is approximately $8.811 billion, an increase of $335 million compared to yesterday.

Important recent news about ZEC:

1️⃣ On-chain whale continues to accumulate, boosting price expectations

Since December 27th, ZEC has increased approximately 22%, with on-chain long and short forces intensifying. The largest long whale (0x6b2) recently added a large position with 3x leverage at an average price of $520, with the current long position reaching $32.2 million, with an unrealized profit of about $6.53 million. Meanwhile, new wallets created on Hyperliquid platform are frequently withdrawing large amounts of ZEC from exchanges, with the largest single withdrawal reaching 50,000 ZEC (worth $22.17 million). Several other million-scale withdrawals have also occurred recently, reflecting ongoing capital inflows and increased holding willingness. Such large on-chain transfers often indicate market participants’ optimism about the medium-term trend.

2️⃣ Intense long-short battle, short sellers increasing positions reflect market disagreement

The largest short address has recently continued to add to its short positions, with the position size rising to $19.84 million, with an unrealized loss of about $4.51 million. Meanwhile, the “Shanzhai Short Army” has returned after the holiday to add to its short positions, establishing shorts near $446, with a position size of about $1.32 million. The increase in short positions occurs simultaneously with long position expansions, indicating serious disagreement in market views within the current price range. The fierce confrontation between bulls and bears often causes volatility and creates conditions for technical breakout.

3️⃣ Privacy track technical pattern complete, ascending triangle ready to break out

ZEC is in a bullish triangle consolidation pattern, with the price continuously raising lows supported by short- and medium-term moving averages, with clear resistance at $470–$480. Technical analysis shows MACD has generated a golden cross and is diverging upward, with the supertrend indicator turning bullish. The key resistance level on the 4-hour chart is at $475. If the price breaks through this level with volume, the target price based on technical calculations could reach $648, representing about 45% upside potential from the current price. Meanwhile, the proportion of protected on-chain transactions has increased to 30.6%, with the value of protected tokens approaching $2.24 billion, reflecting ongoing growth in ZEC’s practical use in privacy payment scenarios.

This message is not investment advice; please be aware of market volatility risks.