A significant whale trader has attracted market attention by opening a 10x leveraged long position on 17,137 ZEC worth nearly $9.57M. According to reports from AMBCrypto, the trader placed aggressive take-profit targets between $545 and $740, while maintaining a liquidation level near $537.56. This positioning emerged as ZEC traded near a major resistance cluster after weeks of sustained recovery, with the trader's projected $7.6M profit target reinforcing expectations that bullish conviction remained strong despite recent cooling across the broader market.
Spot Netflows remained negative as another $1.30M worth of ZEC left exchanges during the latest session, as reported by AMBCrypto. Persistent outflows usually indicate accumulation behavior because traders remove supply from trading platforms rather than preparing immediate sales. Earlier inflow spikes had climbed above $60M during previous rallies, though recent activity shifted towards consistent exchange exits. This transition indicated that holders had started tightening available supply, despite heightened volatility near resistance levels.
ZEC has consolidated above the critical $542-support after rejecting near the $700-resistance region earlier this month, according to AMBCrypto reports. The daily chart showed that buyers defended the higher range despite recent pullbacks from local highs, with the price continuing to hold above the major $400-breakout zone. However, candles started compressing beneath the resistance, indicating reduced aggressive buying activity near the top, while the rejection from the $700-area highlighted strong overhead selling pressure during recent sessions.
The MACD indicator showed that bullish acceleration had started cooling down following ZEC's sharp vertical rally earlier this month, as reported by AMBCrypto. The MACD line remained above the Signal line, though histogram bars weakened considerably after peaking during the breakout phase. Binance top trader positioning has been heavily skewed towards shorts, with 67.37% of top trader accounts holding short positions while only 32.63% remained long, resulting in a long/short ratio of 0.48. Heavy short exposure has created conditions for violent squeezes, with rising prices forcing traders to close losing positions rapidly.
Despite weakening technical indicators, ZEC's structure still favors bullish continuation because the price has defended its critical support while exchange supply has tightened further, according to AMBCrypto analysis. If ZEC maintains its consolidation range above $542-support, buyers could attempt another push towards the $700-resistance before challenging higher breakout targets. The crowded bearish positioning among leveraged participants could amplify upside volatility if buyers regain strength and reclaim resistance zones, creating conditions for another breakout attempt towards the $700–$740 region.
