A high proportion of aggressive buying does not necessarily lead to a one-way shift in price action.
$ZEC briefly surged intraday to $1,225.9, above the four-hour reference upper bound of $1,221.22, but failed to hold its gains and fell back to $1,217.68 by the close.
Short-term spot trading volume rose to $3.56 million, more than four times the previous baseline, while the share of aggressive buys exceeded 77%.
Even though buyer-initiated market orders dominated the surge, the price still retreated into its previous range and continued to fluctuate there. This kind of volume spike is more indicative of friction at elevated levels than a valid breakout from the existing range.
$ZEC briefly surged intraday to $1,225.9, above the four-hour reference upper bound of $1,221.22, but failed to hold its gains and fell back to $1,217.68 by the close.
Short-term spot trading volume rose to $3.56 million, more than four times the previous baseline, while the share of aggressive buys exceeded 77%.
Even though buyer-initiated market orders dominated the surge, the price still retreated into its previous range and continued to fluctuate there. This kind of volume spike is more indicative of friction at elevated levels than a valid breakout from the existing range.