• A major ZEC whale suffered a full liquidation that wiped out $1.59 million in one event.
• Total losses now reach $2.39 million, leaving only $24,000 in the account.
• Price action sits directly on key support at $462.71, shaping the next market direction.

ZEC continued its sharp decline, triggering a complete liquidation of a whale’s long position and erasing $1.59 million in a single event. The abrupt downturn reflects intense volatility in the asset, where leveraged traders face outsized risks amid fast-moving market conditions and sudden liquidity shifts.

In summary, the whale has collectively absorbed $2.39 million in losses from various trading positions, resulting in a remaining balance of $24,000 in the account. The sharp reduction in the value of capital at disposal demonstrates the rapid depletion of capital in trading, especially when using leverage in deep market corrections.

Also Read: ZEC Price Prediction: Will Zcash Crash Further in 2025?

Critical Test at Key Support Level

The price stands at the most critical support level identified in the chart above. In most instances, this level has always worked as a pivot point, thus playing an important role in determining the future level. In case support at this level holds, there can be an attempt at reversal towards increased resistance levels following the same projected levels.

In the opinion of a crypto analyst, if the price remains above support, the target would be $481.20, then $498.92. In the event that the price surpasses both of these levels, it may aim towards $520-$525, which was identified as an important level in the previous phase.

In the event that the strong level of momentum is confirmed, it would target $569.40 and further $606.73; however, in order to target these higher points, there would need to be greater trading activity.

Source: @Learnernoearner

If support fails, the price may weaken to around $445-448, where the next level of liquidity lies. Further weakness could lead to $430-435, where there was robust support in the past. In an accelerated loss, the final target of weakness will be around $410-415, which constitutes a significant retracement level where support has formed in the past.

Momentum Indicators Flash Warning Signs

The RSI is showing slower momentum. It previously moved from an overbought level of 76 to the current 66. It indicates that buying momentum is drying up after such a strong increase. Although it is above the center line, the descending RSI indicates weaker support from bulls and a greater likelihood of sideways or corrective activity.

Source: TradingView

The MACD is positive, and the line is above the signal line; hence, the overall market trend appears technically positive. However, the size of the histogram bars is reducing, indicating that the strength of the momentum is reducing; hence, there could be a reversal or range-bound situation since the positive strength is diminishing without reversing.

Also Read: Zcash (ZEC) Price Analysis: Healthy Correction Before Attempting $782 Breakout