Zcash Price Surges Past $1,000 Amid Record Short Position Losses

Zcash price has regained momentum after climbing 4% in the past 24 hours. The surge pushed ZEC above the $1,000 mark, with a daily trading volume of $5.20 billion and market capitalization of about $16.99 billion.

The renewed buying activity put significant pressure on a short position opened at $444, facing massive losses of approximately $19.03 million, according to crypto market analyst Crypto Patel. The same account holds a 1,330 BTC long position valued at around $105.77 million, with unrealized profits of about $3.09 million.

Despite the recent gains, technical indicators suggest ZEC could face selling pressure after its strong advance. An important resistance is formed by the $882 region, while the upper daily Bollinger Band represents another technical resistance. If selling pressure increases, technical analysis points to $750 as the next major support area.