$ZEC bounced almost 16% from $1,075 up to $1,254, but honestly it hasn't fully wiped out that previous drop from the $1,320s yet.
Open Interest crept up as price tried to reclaim $1,240, so new positions definitely came in during the bounce rather than just short covering. Funny enough, the account ratio on futures is still leaning heavily short. If $1,254 gets taken out with proper momentum, those short positions are definitely going to feel the squeeze.
That said, as long as it's stuck under $1,235–$1,254, there’s always a chance this is just a temporary bounce. Plus funding was slightly positive during the pump, so anyone late-longing up here is taking on real risk if resistance holds.
Definitely holding off on chasing price after a 16% move. Rather wait and see how it reacts around the $1,200–$1,187 support area first. If it holds a clean higher low, the setup will look a lot cleaner.
Open Interest crept up as price tried to reclaim $1,240, so new positions definitely came in during the bounce rather than just short covering. Funny enough, the account ratio on futures is still leaning heavily short. If $1,254 gets taken out with proper momentum, those short positions are definitely going to feel the squeeze.
That said, as long as it's stuck under $1,235–$1,254, there’s always a chance this is just a temporary bounce. Plus funding was slightly positive during the pump, so anyone late-longing up here is taking on real risk if resistance holds.
Definitely holding off on chasing price after a 16% move. Rather wait and see how it reacts around the $1,200–$1,187 support area first. If it holds a clean higher low, the setup will look a lot cleaner.