Zcash Whale Bets Big on Altcoin Holding Above $400

A Zcash whale has made a significant move by opening an $8.1 million long position in the altcoin, betting that it will hold above its key level of $400.

This comes after weeks of struggle for ZEC, which has fluctuated between $360 and $415 but failed to break through the resistance at $400.

The whale's move is seen as a sign of renewed optimism from traders, who are convinced that Zcash will continue to gain. In fact, over the past three days, the Futures market has seen increased activity from big whales, with CryptoQuant data showing large orders being placed.

However, despite this bullish sentiment, the market structure remains bearish. The altcoin's momentum indicators suggest strong downside momentum, and if the attempted whale comeback fails to inspire an upside, Zcash could drop below its 200-day EMA at $382 or even as low as $336.