As ZEC rises, market participation is pulling back. Although the price has increased by 3.2% over the past 24 hours, spot volume is down 48.6% and the number of transactions has fallen 45.7%. The sell side leading taker flow at 53% also shows that the rally has not been confirmed by strong new buyer demand.
This picture suggests that although the price is holding at current levels, the move is being sustained with increasingly lower activity; therefore, the durability of the uptrend is still unclear. The main point to watch is whether the direction in the ZEC price will be confirmed by rising volume and transaction counts again.
This picture suggests that although the price is holding at current levels, the move is being sustained with increasingly lower activity; therefore, the durability of the uptrend is still unclear. The main point to watch is whether the direction in the ZEC price will be confirmed by rising volume and transaction counts again.