Zcash's Ascending Channel: Will Bulls Hold or Bears Reclaim?

Zcash has been trading within an ascending channel since mid-August, pushing its price to $1296. However, after reaching this level, the altcoin slowed down and retraced to a low of $1204.

Despite holding above $1.2k, traders are still aggressively shorting the market. A Zcash trader took a significant 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 both longs and shorts being liquidated. Over the past 24 hours, total liquidations exceeded $13 million, with shorts accounting for $6.9 million and longs accounting for $6.4 million.

However, futures inflows suggest that investors are still opening new positions, despite the growing liquidations. According to CoinGlass data, Zcash saw $2.59 billion in futures inflows compared to $2.56 billion, with a net flow of around $35 million.