I've been staring at the chart $ZEC for a while and noticed something unusual. On the 1W timeframe, it's clear this asset is in a strong uptrend, with the price still hugging the weekly MA7 ($1,270.83). The RSI on this timeframe is still at 66.4—not overheated enough to call it a top.
But on the 4H timeframe ($1,320.12), the price is hovering around the MA25 ($1,330.35), the RSI is 44.7, and the MACD is also caught in a tug-of-war. The 24-hour volume for $ZEC today has reached $173,914,674 USDT, putting it among Binance's top assets, yet the price is down slightly by 1.65%. It seems buyers and sellers are really feeling each other out.
There have been some pretty interesting developments over the past few days. Zcash activated the NU7 upgrade on its testnet on 4/10, aiming to reduce block creation time to 25 seconds and improve privacy, with a mainnet launch expected in November. More importantly, Winklevoss Asset Services just filed an S-1 with the SEC on 6/10 for a spot Zcash ETF. If approved, this could significantly increase institutional liquidity for ZEC. On top of that, reports have indicated that whales are withdrawing large amounts of ZEC from exchanges like Coinbase.
But on the 4H timeframe ($1,320.12), the price is hovering around the MA25 ($1,330.35), the RSI is 44.7, and the MACD is also caught in a tug-of-war. The 24-hour volume for $ZEC today has reached $173,914,674 USDT, putting it among Binance's top assets, yet the price is down slightly by 1.65%. It seems buyers and sellers are really feeling each other out.
There have been some pretty interesting developments over the past few days. Zcash activated the NU7 upgrade on its testnet on 4/10, aiming to reduce block creation time to 25 seconds and improve privacy, with a mainnet launch expected in November. More importantly, Winklevoss Asset Services just filed an S-1 with the SEC on 6/10 for a spot Zcash ETF. If approved, this could significantly increase institutional liquidity for ZEC. On top of that, reports have indicated that whales are withdrawing large amounts of ZEC from exchanges like Coinbase.
