Garrett Jin bets $11.9mln on Zcash – Can ZEC prove him right?

Garrett Jin is back in the spotlight following a long 2x leveraged position of 27,723 ZEC valued at approximately $11.9 Million. 

This move came after the closing of an earlier short position and signaled a significant shift in confidence towards the asset.

The market rejected this decision immediately. 

After entering the business, you will soon find yourself in a position to make a profit. position recorded ZEC has continued to struggle under key resistance levels. This unrealized loss is more than $812,000. 

The timing of Jin’s entry was interesting, however. He entered the area near the major support zone rather than following a breakout. 

The traders were therefore keen to see if the whale was anticipating an early recovery, or merely stepped in the market prior to the bearish pressure having fully abated.

The top Binance traders continue to favor shorts

Binance’s traders were largely bearish, while Garrett Jin chose to position for an upside. 

The Top Traders Long/Short ratio showed that the number of short positions continued to exceed the number of bullish accounts across all exchanges.

Only 37.39% of the accounts were long at last reading. 62.61% had short exposure. 

This ratio was near 0,60 and reflected a persistently bearish outlook despite recent attempts to recover. 

The bullish sentiment was stronger in the earlier sessions, but sellers took control of the market as sentiment declined.

The divergence in the market created an intriguing backdrop. The whale, a high-profile trader with an impressive long position entered the market while most experienced traders were bearish. 

Short sellers could be pressured by any significant upward move. But continued weakness will reinforce Binance’s traders’ prevailing attitude.

Can ZEC gain lost ground back?

Zcash [ZEC] After a steep decline, the market showed signs of stabilization. 

The asset was pushed back to $422.50 by buyers who stepped into the area. This allowed the recovery to continue.

The recovery still faced major obstacles at $523.63. 

This level was previously used as a support within the ascending channel, but the recent collapse has shifted the control to sellers. 

ZEC, on the other hand, traded at around $429. This leaves buyers a lot of work to do before they can confirm a wider recovery.

The RSI reflected a similar improvement in conditions. After falling into oversold territory the indicator rose to 42.61, indicating that there was a significant reduction in selling pressure. 

RSI remained well below neutral 50 levels, indicating that the buyers still haven’t fully regained their control. ZEC would be more likely to move towards $620 if it regained $523.63.

Liquidations highlight market uncertainty

The data on market liquidations showed a market that is still in search of direction. 

In recent years, short liquidations have accounted for approximately $562.960, while long liquidations have accounted for $472.740.

Binance recorded the most activity with approximately $216,900 of short liquidations, and $248 600 in long liquidations. 

Other exchanges including Bybit OKX HTX CoinEx and CoinEx also experienced notable market liquidations on both the buy-side and sell-side.

The relative balance of the totals suggests that traders aggressively position for volatility instead of committing to an obvious trend. 

The slightly higher number of short liquidations also indicated that some traders were caught off-guard by recent rallies. 

The market can be vulnerable to large swings in price around important levels, even though neither the bulls or bears have established a decisive position.

A bigger recovery is still possible.

ZEC is now above the support level of $359.60, but it will take buyers reclaiming $523.63 to see a more significant recovery. 

The recent recovery and the improving RSI offered promising signs. 

The Binance market was still heavily shorted, indicating that the skepticism remained dominant. 

ZEC’s next target could be $620 if the buyers are able to overcome their resistance. The recovery is likely to remain in the works until that time.

Summary

• ZEC defends major support but continues to limit recovery efforts.

• Despite improved RSIs and whale accumulation, traders continue to hold a bearish position.