How are retail Zcash investors positioning themselves as the price approaches key resistance levels?

Zcash price has been steadily rising in recent sessions as the coin attempts to break out of a clear bullish pattern. This privacy-focused cryptocurrency is approaching a key milestone, potentially opening up new upward momentum.

Investor confidence, coupled with favorable overall market conditions, is bolstering expectations of a short-term breakout.

Zcash investors demonstrate strength.

Large investors holding significant amounts of Zcash are showing increased optimism as the price approaches a key resistance zone. Data shows that in the past 24 hours, the total balance of the 100 largest ZEC wallets has increased by 1.11%. While this increase isn't substantial, it reflects confidence in a continuing recovery trend, rather than just short-term profit-taking.

This action shows that Zcash investors still hold onto their confidence. Typically, "whales" accumulate coins when the market is sideways, as they await a strong upward surge later. Their continued buying demonstrates expectations of further price increases and a reduced risk of a price drop, thus reinforcing positive sentiment.

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Technical data is also supporting this positive trend. The MACD indicator has maintained a strong bullish signal for the past two weeks, suggesting that the upward momentum remains solid. This stability indicates the strength of the trend, rather than just a temporary bounce, reducing the risk of a sudden reversal at this time.

External macroeconomic factors also support the stability of ZEC price. Bitcoin remains around $88,000, providing a solid foundation for altcoins. Major indices like the Nasdaq and S&P 500 are also showing slightly positive signals. This consensus boosts confidence in the digital asset class, and Zcash benefits as well.

ZEC prices are trading sideways.

ZEC is currently trading around $444 at the time of writing, moving within an ascending triangle pattern. This pattern typically signals the potential for further upward movement. If a successful breakout occurs, ZEC could rise by nearly 49%, exactly as projected by the pattern.

The $442 price level needs to be established as solid support. If ZEC decisively breaks above $500, this will be a confirmation signal of the uptrend and affirm a positive position. Based on technical analysis and positive investor behavior, Zcash could very well aim for the area above $500 before the new year.

However, there is still a risk if the upward momentum weakens. If ZEC fails to break through this resistance, the price could continue to fluctuate sideways between $442 and $403. A break below $403 would significantly shift market sentiment to negative. At that point, the price could easily retreat to around $340, negating bullish predictions and increasing the risk of a further sharp decline.