ZEC Surges Past Ninth Spot Amid Whale's Short Position Woes

Zcash (ZEC) has surged into the tenth largest cryptocurrency by market capitalization.

This move is largely attributed to a significant loss for whale Garrett Bullish, who holds a large short position on Hyperliquid.

The short position in question consists of 32,759.57 ZEC valued at $38.18 million, entered at $444 with liquidation at $2,566.

This position has resulted in $23.57 million in unrealized losses for Bullish.

Despite the overbought conditions indicated by the RSI(14) printing 81.93, price action on the 4h chart suggests that a healthy retracement to the 50-EMA support at $923.77 may be probable before further continuation.