According to reports from AMBCrypto, renowned crypto trader Garret Jin has doubled his Zcash short position to 32,759.57 ZEC valued at $14.9 million. Despite the ongoing price decline, Jin's position remains down $42,000, having spent $17,000 in funding costs. This significant position increase reflects his bearish outlook and anticipation of further losses on ZEC price charts. As reported by Bitget, Jin's decision to increase his short position comes as ZEC continued to decline, with traders aggressively opening short positions amid the market pullback.
As reported by AMBCrypto, the Long Short Ratio has averaged 0.6 on Binance and OKX, with the overall ratio dropping to 0.83 as of writing. This indicates that 54% of opened positions are shorts while 45% are longs, with a ratio below 1 suggesting most traders opened short positions. According to CoinGlass data, Zcash saw $727 million in Futures Outflows compared to $721 million in Inflows over the last three days, with outflows surging to $297 million while futures inflows dropped to $292 million over the past 24 hours. As reported by Onchain Lens, surprisingly, while Jin reinforced his position, other market participants are aggressively closing their positions, with outflows outpacing inflows suggesting most traders closed their positions, likely fearing further losses as the market dropped.
According to AMBCrypto, Zcash has closed at lower lows after being rejected at $475 three days ago, with the altcoin slipping below $450 to touch a low of $441. At press time, ZEC was trading at $437 after falling 1.74% on the daily charts. The Relative Strength Index (RSI) dropped from 54 into the bearish zone to 49, while the MACD remained negative, confirming that sellers have significant control over the market. These momentum indicators reflect a weak market structure suggesting the drop could continue, with sellers managing to retake control of the market as the RSI dropped into the bearish zone.
As reported by AMBCrypto, if the downtrend persists, Zcash could drop to $410, with $386 as the most bearish case. However, if the retracement proves short-lived and triggers a long liquidation, the altcoin could reclaim $450 and target $465 in the short term. The analysis suggests that the current bearish sentiment, futures outflows, and traders flipping bearish and opening short positions indicate potential for further downside movement in the near term, with momentum indicators reflecting a weak market structure that could continue the decline.
