Zcash (ZEC) continues to lead the market recovery, posting one of the strongest runs this cycle. Zcash price has increased over 230% month-on-month. The token has rallied nearly 1,200% over the past three months, decisively breaking out of its flag pattern on October 24th.
Despite the short pause, there are still no signs of depletion and the uptrend appears to be alive, supported by volume and strong inflows.
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Retail sales slow as flows into large wallets dominate
Chaikin Money Flow (CMF), which tracks whether funds from large wallets move in and out of assets, confirms that Zcash’s price rise is not over yet. The indicator broke through the downtrend line on November 3, indicating renewed buying momentum by large investors and whales.
CMF is currently at +0.21, indicating strong inflows above the zero line, a pattern often seen during a sustained rally.
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In support of this, spot net flow data shows a significant decline in exchange selling. On November 4th, ZEC worth $41.79 million was sold, but on November 6th it was sold for just $3.66 million.
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The sharp decline in foreign exchange inflows (over 91%) indicates that retail-driven selling pressure has subsided. This may have allowed large buyers to raise prices without resistance.
On-Balance Volume (OBV) adds weight to this picture by adding volume on up days and subtracting it on down days to measure accumulation. OBV has maintained an uptrend line since early October.
It acquired support around October 30th and has not fallen below it since then, even during Zcash’s slight decline.
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The rise in OBV, along with the rise in price, confirms that this rise is backed by real volume rather than speculation.
With CMF trending higher, spot inflows plunging 91%, and OBV maintaining its upward trend, the combined data shows that big money continues to drive this movement, leaving little room for meaningful downside, at least for now.
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Zcash price aims for higher Fibonacci target due to flag breakout
From a technical structure perspective, Zcash’s flag breakout on October 24th marked the beginning of this latest rally leg. Since then, the token has grown its gains without consolidation and is currently trading around $518, up 18% in the past 24 hours.
The next major resistance level is at $594, which coincides with the 1.618 Fibonacci extension level. A break above this level could pave the way to the $2.618 target of $847, which could represent a 60% upside from the current price.
On the downside, $384 acts as the strongest Zcash support level. It has been consistently absorbing selling pressure since November 1st, and only a sustained decline below that will lead to further declines.
However, given the current structure and volume-backed inflows, that scenario remains unlikely for now.
