Zcash Price Pulls Back Amid Whale Accumulation
The Zcash (ZEC) price has pulled back from its recent all-time high of $1,686 after a sharp correction. Despite this dip, analysts believe that whales are accumulating more tokens, which could signal a bullish trend for the long term.
According to data from Lookonchain, two wallets linked to the same whale withdrew 24,706 ZEC worth approximately $28.17 million from Binance and Gate over the past month. The withdrawal was made at an average price of around $1,140, indicating that the whale is building its position despite the recent correction.
The ZEC price has dropped below its short-term rising trendline, but holding above the $1,400 support level could give buyers room to push the price back toward $1,500 and then $1,600. A break below this level, however, could weaken the bullish setup.