JUTTKING Defi

Zcash $ZEC has been under sustained bearish pressure since mid-January, with price action showing a clear breakdown from its previous structure. The broader trend currently favors sellers, and unless key levels are defended, ZEC could be heading for a deeper correction.
Bearish Breakdown and Downside Risk
Since losing its mid-January support, ZEC has struggled to regain bullish momentum. The most critical level to watch is the $326 support zone. A confirmed breakdown below this level could open the door for a sharp decline of up to 35%, with downside targets extending toward the $266 region. This level aligns with previous demand zones and could act as the next major area where buyers attempt to step in.
Market structure remains weak, and rallies so far have lacked strong follow-through, suggesting that sellers are still in control.
Whale Accumulation vs. Retail Caution
Despite the bearish technical setup, on-chain data presents a more nuanced picture. According to NS3.AI, large holders—often referred to as whales—have been quietly accumulating ZEC during this downtrend. This accumulation behavior typically reflects long-term conviction and can provide a temporary price floor or fuel short-term relief rallies.
In contrast, retail investors appear cautious. Many are using price rebounds as opportunities to exit positions, creating consistent selling pressure near resistance zones. This divergence between smart money accumulation and retail distribution is keeping ZEC stuck in a volatile range.
What ZEC Needs to Turn Bullish
For Zcash to invalidate the current bearish trend, reclaiming key resistance levels is essential. The first major hurdle lies near $402. A strong close above this level would signal renewed buyer strength and could shift short-term sentiment.
Beyond that, the $449 resistance remains a decisive level. A breakout and hold above $449 would significantly improve the overall market structure and open the path for a broader trend reversal.
Outlook
ZEC remains at a critical crossroads. While the technical trend is bearish and downside risks persist below $326, whale accumulation suggests the potential for a short-term bounce. However, any recovery is likely to face heavy resistance unless strong volume and sustained buying return to the market.
For now, traders should closely monitor support behavior, whale activity, and reactions at key resistance levels before committing to directional positions.
$ZEC

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