stabilization of zcash above 500 dollars; How far will the hoarding of whales push the price of ZEC?

study time: 2 minutes

ZCash digital currency (ZEC) is now trading in the range of $503.5 after returning from the support trend line of its ascending channel, and a 38% growth is predicted to reach $802.

However, investor sentiment has weakened and there seems to be insufficient excitement for consecutive purchases.

While the price of ZCash has stabilized above 500 dollars, market uncertainty and reduced confidence of retail traders can prevent the continuation of the upward trend. If investors do not support this trend, there is a possibility that the price will return to the $442 range.

However, reports suggest that the 100 largest holders of ZEC have increased their holdings by another 6% over the past week.

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This continued buying shows their confidence in ZEC’s medium-term outlook and could absorb short-term selling pressure and prevent a sharp correction.

The support of these whales can pave the way to climb to higher resistances and increase the probability of success in breaking the upcoming resistances and climbing to $802.

In the short-term, the key to ZEC’s success is turning the $600 level into support and returning the confidence of retail investors.