Picture of the author

Mr.Arshman

06/16 16:37

Zcash whale bleeds $3.8 mln – But ZEC bulls still

#World Cup Predictions: 100,000 USDT Daily #TradFi Trading Strategies Sharing Challenge #HTX Creation Challenge — Post and Win 1,500U 💥
Zcash [$ZEC] has shown relative upside strength over the past three days, closing at higher highs. The altcoin breached the $500 resistance and touched a local high of $545 before slightly retracing. As of this writing, Zcash traded at $525, up 5.94% on the daily charts, signaling dominant upside volatility. With Zcash trading above $500, short-position holders are incurring massive losses. As the market’s upside momentum continued, bears were forcefully flushed out, while others closed positions to avoid further losses. According to Onchain Lens, a wallet linked to karna0x fully closed its $9.8 million $ZEC short position. In the process, the whale incurred a loss of over $3.8 million. The decision to close indicated the whale saw the risk of liquidation as the market continued to pump. In fact, Zcash short-position holders have seen massive liquidations. CoinGlass data showed that over $11 million in short positions were liquidated, while only $2.2 million in longs were liquidated. Historically, a short squeeze has always inspired an uptrend. As traders continue to fund their positions to avoid liquidations, demand for the asset recovers. As a result, momentum strengthens, further flashing out more bears and leading to a strong market reaction. Ideally, the prevailing market conditions position Zcash towards such an outcome. On top of that, threatened by rising short liquidations, other traders flipped to longs. In fact, the altcoin’s Long/Short Ratio jumped to 1.095 at press time. The ratio’s reclamation of 1 suggests that most traders turned bullish and have been anticipated more gains.Zcash has recovered significantly since crashing from $630 to $251. Amid this market recovery, upside momentum has strengthened significantly, with bulls retaking control. As a result, the altcoin’s upside momentum has strengthened sign
LikeShare

All Comments0LatestHot

avatar
LatestHot