ZEC Whale Forced to Close $24M Short Amid Surging Price
A large ZEC trader has taken a significant loss after being forced to close a short position. The whale's $24.43M position was closed at $1,548, resulting in a $10.68M loss. This is a stark contrast to the trader's previous performance, which included a 79% win rate and net earnings of $9.11M since June.
The sudden closure of the short position was triggered by ZEC surging to $1,584. This price increase pushed the trader above the liquidation line at $1,551, forcing them to close out their position and lock in a substantial loss.
Despite this reversal, technical indicators suggest that ZEC may continue its upward trend. The RSI(14) at 75.51 signals overbought conditions, but the MACD golden cross at 95.41 remains bullish above EMA50 support at $1,280.29.