Zcash Whale Withdrawals Signal Accumulation as ZEC Price Eyes $695 Breakout

• ZEC whales are withdrawing funds from exchanges, reducing supply and signaling accumulation.
• Large outflows suggest rising accumulation pressure and potential volatility.
• The token is consolidating in a descending triangle above demand, hinting at a possible breakout to $695.

Zcash on-chain metrics suggest renewed investor interest in ZEC, as whale wallets begin to stock up their reserves of the token and withdraw funds from centralized exchanges. This is normally seen as a positive sign in the market, as this will help reduce the circulating supply of the token in exchanges.

Source: Lookonchain

Furthermore, the wallet t1dHhe withdrew 202.08K ZEC with a value of approximately $91.43 million about 16 hours ago, while another massive withdrawal was carried out by the wallet t1Nt2i, which withdrew 4,257 ZEC with a value of about $1.93 million only about five hours ago. Such massive withdrawals signal the rising accumulation pressure that could be responsible for the forthcoming heightened volatility.

Also Read: Zcash Price Plunge: Can ZEC Rebound to $437?

Zcash (ZEC) Nears Breakout After Tight Consolidation

Moreover, the crypto analyst Cryptorphic highlighted that Zcash (ZEC) is actually undergoing a tight range of consolidation, where price is being compressed within a clear descending triangle.

This comes after the successful defense of a defined zone of demand, which makes it apparent that selling pressure is waning while buying pressure remains present to fuel further price reversals. Historically, such periods of compression tend to be followed by strong price movements.

Source: Cryptorphic

A move above the triangle resistance can trigger a relief rally toward $469 in the short term, $528 in the medium term, and $607 and $695 in the long term if the buying momentum gets activated, along with the unwinding of sell positions. This trading setup would be valid only if ZEC stays above $348, with a breach below rendering the positive outlook invalid.

Zcash (ZEC) Surges Above EMAs as Bulls Take Control

ZEC on the four-hour chart is showing a sharp recovery, with the price breaking above all major EMAs. The EMA stack is turning bullish, signaling a trend reversal. Former resistance around 430 to 435 has flipped into support, while upside resistance sits near 460 to 470. Overall structure favors continued upside momentum bias.

Source: TradingView

Momentum indicators are positive and confirm the strength, though there is a warning that the trend may cool. RSI at 68 shows that there is strong buying interest, with the index nearing the overbought levels. The MACD is positive and shows strong bars and a crossover. This supports continuation, though short-term pullbacks toward EMA supports would be healthy.

Also Read: Zcash (ZEC) Price Shows Strength With Technical Signals Hinting $480 Break