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Zcash is back in the spotlight after Garrett Jin opened a major leveraged long position on ZEC. The trade involved 27,723 ZEC, valued at around $11.9 million, with 2x leverage.
The move caught market attention because Jin had recently closed a short position before switching to a bullish setup. This shift suggested that he may be expecting ZEC to recover from its recent weakness.
However, the market did not immediately move in his favor. Soon after the position was opened, the trade showed an unrealized loss of more than $812,000 as ZEC continued to struggle below important resistance levels.
What made the entry more interesting was its timing. Jin did not enter after a clear breakout. Instead, he opened the position near a major support area. Because of that, traders are now watching closely to see whether this was an early recovery bet or a risky move before selling pressure fully cooled down.
While Jin positioned for a possible upside move, many top Binance traders remained bearish. Long and short ratio data showed that short positions continued to dominate among leading traders on the exchange.
At the latest reading, around 37.39% of top trader accounts were long, while 62.61% were short. The long-to-short ratio stayed near 0.60, showing that bearish sentiment was still strong despite ZEC’s attempt to stabilize.
This created a sharp contrast in market positioning. On one side, a major whale entered a large long position. On the other side, experienced traders continued to lean short. If ZEC moves higher with strength, short sellers may come under pressure. But if price weakness continues, the bearish view from Binance traders could be reinforced.
From a technical perspective, ZEC has shown some signs of recovery after holding the $359.60 support area. Buyers defended that zone after a sharp decline and pushed the price back above $422.50.
Still, the rebound has not fully confirmed a trend reversal. The biggest resistance level to watch is $523.63. This area previously acted as support inside ZEC’s rising channel before the breakdown changed the market structure in favor of sellers.
ZEC was trading near $429, meaning buyers still need a strong push before the market can confirm a broader recovery. Until price reclaims the $523.63 area, the rebound remains incomplete.
Momentum indicators have improved, but they are not fully bullish yet. The RSI recovered to 42.61 after moving close to oversold territory. This suggests that selling pressure has eased, but buyers have not completely regained control because the RSI is still below the neutral 50 level.
If ZEC manages to reclaim $523.63 and hold it as support, the next upside target could be around $620. That would give bulls a stronger case for a larger recovery.
Liquidation data also shows that traders remain divided. Recent figures recorded around $562,960 in short liquidations and about $472,740 in long liquidations.
Binance saw the largest share of liquidation activity, with roughly $216,900 in short liquidations and $248,600 in long liquidations. Other exchanges, including Bybit, OKX, HTX, and CoinEx, also saw liquidations on both sides.
The close balance between long and short liquidations shows that traders are aggressively betting on volatility. Neither bulls nor bears have full control yet, which means ZEC could remain vulnerable to sharp moves around key price levels.
For now, ZEC has defended its major support zone, but the market still needs stronger confirmation. A reclaim of $523.63 would be the first real sign that buyers are taking control again. Without that move, the recovery remains uncertain.
Overall, Garrett Jin’s $11.9 million long position has added attention to Zcash, but broader sentiment remains cautious. Whale confidence, improving RSI, and support defense are positive signs. Still, heavy short positioning and strong resistance mean ZEC has more work to do before a larger recovery can be confirmed.
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