Zcash Short Squeeze Imminent: Can Bulls Retake $1296?

Zcash has been trading within an ascending channel since mid-August, reaching a high of $1296. However, after peaking at this level, the altcoin retraced to a low of $1204, with its current price hovering around $1224, down 1.59% on the daily charts.

Despite still holding above $1.2k, Zcash traders are aggressively shorting the market, with one trader taking a $6.4 million bet by depositing 2.19 million USDC into Hyperliquid and opening a 3x short on 5,200 ZEC worth $6.49 million.

The market remains highly volatile, with total liquidations exceeding $13 million over the past 24 hours, including $6.9 million in shorts and $6.4 million in longs being liquidated.