ZCash (ZEC) surged 11% in the past 24 hours, outpacing Bitcoin and the broader market, driven primarily by $12.75 million in short liquidations—26 times larger than long liquidations. Daily trading volume jumped 43% to over $647 million, with futures volume dwarfing spot activity. The price broke above a key resistance level at $538, with technical indicators suggesting a potential move toward $626, contingent on the altcoin staying above this threshold.
ZCash led the privacy sector in social trends and capital inflows over the past day. The daily trading volume was up 43%, surpassing $647 million, indicating a spike in speculative trading.
Short liquidations totaling $12.75 million fueled the breakout, while long liquidations reached almost $500,000. The derivative market drove the price, with ZCash futures trading exceeding $2.437 billion compared to spot volume of $255 million.
The largest spot volume occurred on Binance and Coinbase, respectively. According to Onchain Lens, a whale on Hyperliquid was fully liquidated for more than $1.81 million in a ZEC short order, losing about $130,500.
The OI-Weighted Funding Rate turned green from being red two days ago, according to data from CoinGlass. The indicator reading was 0.0086%, showing that bulls were paying a premium to bears to keep their positions open.
ZCash’s price broke above the horizontal resistance of an ascending triangle at $538. Prior to this breakout, ZEC had been respecting a trendline support since late June.
The Chaikin Money Flow (CMF) has risen above the neutral level with a reading of 0.02, indicating capital flows are mildly positive. The MACD was green, indicating that momentum favored the bulls.
If ZEC drops and stays below $538, the projection becomes unlikely. For a complete invalidation, the price should break below the slanting support level.
The Long/Short Ratio is leaning toward selling for both retail and top traders. As per CoinGlass, top traders have a ratio of 0.46, slightly lower than retail at 0.51.
