After bouncing back from the support trend line of its ascending channel, the ZCash cryptocurrency (ZEC) is now trading in the $503.5 range, with a 38% growth forecast to reach $802.
However, investor sentiment has weakened and there doesn't seem to be enough excitement for continued buying.
While
the ZCash price has stabilized above $500, market uncertainty and a decline in retail trader confidence could hinder the continuation of the uptrend. If investors do not support this trend, the price is likely to return to the $442 range.
However, reports indicate that the top 100 ZEC holders have increased their holdings by another 6% over the past week.
This continued buying shows their confidence in ZEC’s medium-term outlook and could absorb short-term selling pressure and prevent a sharp correction.
The support of these whales could pave the way for a move to higher resistance levels and increase the likelihood of a successful breakout of the upcoming resistance levels and a move to $802.
In the short term, the key to ZEC’s success is turning the $600 level into support and restoring retail investor confidence.
