Zcash whale opens $8.1M long position

• A cryptocurrency whale opened an US$8.1 million long position in Zcash as the token traded near the US$400 level.
• Long positioning increased despite Zcash remaining below several key technical indicators and posting weekly losses.
• Analysts said sustained buying could help the token hold support, while failure to attract further demand may lead to additional declines.

Zcash (CRYPTO:ZEC) traded around US$399 after a cryptocurrency whale opened an US$8.1 million leveraged long position, signalling renewed speculative interest despite the token's recent weakness.

The whale deposited US$10.12 million into HyperLiquid (CRYPTO:HYPE) and established a 2x leveraged long position covering 20,338 ZEC, while futures data from CryptoQuant showed large whale orders returning after little activity throughout June.

The whale's position was valued at about US$8.1 million and was showing an unrealised loss of about US$135,000 as Zcash traded below US$400, while the trader also retained about US$4 million in USDC that could be deployed later.

CoinGlass data showed the long-to-short ratio rose to 1.05, indicating more traders were opening bullish positions, although Zcash remained below its 20-day, 50-day and 100-day moving averages, suggesting the broader market trend remained weak.

Analysts said Zcash could fall toward its 200-day exponential moving average near US$382 and potentially test support around US$336 if buying momentum fades, while Zcash does not have a publicly traded share price because it is a cryptocurrency.

Momentum indicators also remained weak, with the Aroon Down reading at 78% and the Aroon Up at 0%, signalling that downward price momentum continued to dominate the market.

Analysts added that stronger buying by whales and a wave of short liquidations could help Zcash regain the US$400 level and potentially move toward US$452 if market sentiment improves.

At the time of reporting, Zcash price was $423.47.