On-chain data shows two large withdrawals from Binance. One wallet withdrew 202,077 ZEC, with an approximate value of $91.4 million, while another withdrew 4,257 ZEC, with an approximate value of $1.9 million. Together, this represents over $93 million in ZEC leaving exchanges. When large amounts leave exchanges, it often indicates accumulation rather than preparation for sale.
This activity is important because the price of Zcash has remained stagnant in a narrow range. Since December 19, ZEC has traded between $423 and $470, failing to rise several times. Despite the range, the structure is improving. On the 12-hour chart, Zcash is now trading above its key EMAs, and a bullish crossover between the 20 EMA and the 50 EMA is forming. This setup typically indicates an improvement in short-term trend strength when confirmed.
If ZEC manages a clean 12-hour close above $470, it would mark a breakout from this consolidation zone. This opens the door towards $547, which is the next significant resistance. If momentum increases quickly, higher levels near $737 loom, although this would depend on broader market support.
The downside is also evident. If whale buying fades and the EMA crossover fails, $423 remains the key support. A break below this level exposes the $389 level, with greater risk towards $302, where long-term buyers previously intervened.
