Zcash (ZEC) Long Traders Purged of $23.75M in $28.37M Liquidation Wave

$28.37M Liquidated in 24 Hours

Zcash (ZEC) has undergone one of its sharpest reversals in months, and the damage to leveraged traders is now quantifiable. After a parabolic run that carried the privacy-focused altcoin above $1,200, the token retreated roughly 16% from its most recent peak, and derivatives data compiled via liquidation trackers shows a cascade of forced closures followed. Over the trailing 24 hours, ZEC-linked liquidations reached $28.37 million, with long positions — traders betting the rally would extend — absorbing the overwhelming share at $23.75 million. Short-side closures accounted for the remaining $4.62 million, a distribution that confirms bullish positioning was caught flat-footed by the velocity of the decline.

The intra-session breakdown underscores how quickly sentiment flipped. In a single 12-hour window, $11.49 million in ZEC positions were wiped out, of which $9.40 million came from longs. Notably, the four-hour tape tells a different story: of the $1.34 million liquidated in that span, $1.19 million were shorts — evidence of a brief countertrend bounce that punished late bears before sellers reasserted control. The trading volume spike accompanying the move suggests both forced deleveraging and genuine profit-taking from holders who rode the rally from the low hundreds, a cohort that had every incentive to de-risk after prices tagged levels not seen since 2016, when ZEC printed its $1,290 multi-year high. Short-term FOMO entrants who chased the breakout above $1,200 were the primary casualties of the unwind, a familiar pattern in assets that appreciate several hundred percent within weeks.

Trend Structure Still Intact Above $910

Despite the severity of the drawdown, our reading of the daily chart is that ZEC remains technically stronger than it was before the breakout. Current spot prints near $1,099 sit well above the key moving averages: the 20-day average near $910, the 50-day at roughly $689, the 100-day around $646, and the long-term average close to $531. The wide gap between price and these trend indicators is itself the story — ZEC climbed from under $500 to over $1,200 in a matter of weeks, an ascent that mathematically guaranteed a violent reset once momentum stalled. The Relative Strength Index has cooled from overbought territory to approximately 64, still above the neutral threshold but signaling clearly diminished thrust. The battle zone traders are watching is the $1,050–$1,100 band. As long as spot trading holds above that shelf, a consolidation phase and a renewed recovery attempt remain the base case, with the ZEC chart showing buyers already defending the lower boundary of the range. A decisive daily close beneath it, however, would open a deeper retracement toward the $910 moving average, where trend-following bids would face their first genuine test. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

$1,089 Floor Scored at 86/100

Amid the ongoing volatility, ZEC has shown signs of short-term stabilization, with the token jumping 3.47% in just five minutes during Friday trading, lifting the price back to $1,139.86 per the latest market reading. The swift rebound underscores how quickly order flow is rotating at current levels, with buyers stepping in to absorb supply near the contested $1,050–$1,100 zone that technicians have flagged as the decisive shelf for the near-term structure. A sustained hold above that band would keep the consolidation scenario — rather than a deeper unwind toward the 20-day average near $910 — as the prevailing base case, while a failure to reclaim higher ground would leave the recent 16% drawdown unresolved and keep downside pressure on traders still positioned long from the breakout levels.

(as of 13:04 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the immediate support at $1,011.16 at 86/100 (STRONG), driven by a fresh Flip R→S signal, the S1 pivot, the Ichimoku Kijun and Supertrend, with $1,089.69 close behind at 84/100 on a Flip R→S, Fibo 0.214, Ichimoku Tenkan and ATR Lower confluence. Overhead, the $1,176.79 resistance scores 66/100 via Fibo 0.114, R1 and Keltner Upper, with $1,296.02 next at 62/100. ZEC trades at $1,144.97, down 3.77% in 24 hours, but momentum stays constructive: an RSI of 65.90, a bullish MACD signal and a confirmed uptrend. Derivatives positioning remains measured — funding at 0.0054% and open interest of $760.61 million show leverage without euphoria, while a Fear & Greed reading of 56 (Greed) flags residual froth. Bullish case: hold $1,089, target $1,177 then $1,296. Invalidation: a daily close below $1,011 exposes $819.54 (62/100) and $649.65 (51/100).