Zcash (ZEC) fell below $450 after a failed rebound, while a major whale closed a profitable long as liquidation pressure widened.
Key Points:
- ZEC slipped to $447 after falling as low as $440, extending losses from a failed move near $543.
- Garret Jin closed a ZEC long position for $417,000 in profit as leveraged longs faced heavy liquidations.
- Short demand increased, leaving the $400 support area exposed if sellers keep control.
Zcash Whale
Zcash’s recovery attempt stalled near $543 four days ago, according to the market update, and the token has since moved through a steep downtrend marked by lower lows.
The decline pushed ZEC to $440 before a modest rebound to $447, leaving the token down 2.43% on the day and below the $450 level that had become important for leveraged traders.
Liquidation data from Coinglass showed more than $17 million in long positions were wiped out over three days, including more than $6.5 million in the past 24 hours after ZEC fell under $450.
Lookonchain said Jin closed his ZEC long for a $417,000 profit, one week after he reportedly took $11.4 million in profit from a short trade during the broader decline.
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ZEC Support
Jin’s exit pointed to caution among larger traders, but the broader derivatives setup showed the same shift, with Coinalyze data putting ZEC’s long-short ratio at 0.86.
Shorts accounted for 53.6% of positions, compared with 46% for longs, which suggested traders were leaning toward further downside rather than trying to buy the dip.
Technical signals also remained weak. The Relative Strength Index made a bearish crossover and fell to 45, while TradingView data showed Aroon Down at 71 and Aroon Up at 0.
That setup leaves the $400 area at risk if sellers maintain control, though crowded short positioning could also fuel a reversal if buying pressure forces traders to cover. ZEC’s latest drop followed a sharp rejection from $543, then a slide to $440, making the current test less about one whale’s exit and more about whether bulls can rebuild demand before price revisits $400.
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