Zcash (ZEC) Price Jumps 24% Weekly: Is $616 the Next Target?

Zcash (ZEC) is trading at around $418 after rising 13% in the last 24 hours. Over the past week, the price is up by 24%. Consequently, the move follows a breakout from a technical setup where price cleared $407, flipping that area into a support zone. The short-term trend remains upward, but traders are watching for signs of pressure near the next resistance levels. Breakout Holds as Price Approaches Resistance ZEC is moving toward the 0.382 Fibonacci retracement level at $472. This area may act as near-term resistance. If the price breaks through, traders are likely to watch the $525 and $616 levels next. These zones align with previous ranges where the price has paused or reversed in the past. The 50-period moving average around $357 has offered support on the way up. On the 4-hour chart, this level marks the midpoint of the recent trend. Zcash (ZEC) price chart 09.12. Source: TradingView Meanwhile, the RSI is at 69, near the overbought zone. Momentum is strong, but the current reading suggests the pace may slow before a clear next move develops. Whales Buy as Retail Sells Recent data shared by analyst Ardi shows different behavior between retail and institutional players. According to him, “Retail ($0–$1k) and mid-sized ($1k–$100k) accounts are aggressively selling,” while wallets holding $100k to $10M are increasing their positions. Over $30 million in smaller account holdings were sold recently, while larger wallets bought $100 million in the same time. Ardi described the move as “institutional absorption”, with large buyers picking up supply being sold at market. He added, “You are handing your coins directly to the entities who are trying to rip this higher.” In a separate view, analyst BeLaunch noted a price rejection near $425. This was followed by lower volume on the advance and reduced positioning from short-term holders. While 24-hour holders are still active, capital flow data showed a mixed picture. Derivatives saw outflows, while spot markets recorded new inflows. New Fee Proposal and ETF Conversion Plans Additionally, the Zcash development team has proposed a change to the way fees work during periods of congestion. The update would base transaction fees on the median of the last 50 blocks. A 10x fee lane would allow priority transactions during high demand. The rollout will happen in phases. The upgrade is expected to go through a consensus change, without a full redesign. Separately, Grayscale submitted a proposal to convert its Zcash Trust into an ETF last month, as we reported . If approved, this could allow traditional investors access to ZEC exposure through a regulated product without needing to hold the asset. The post Zcash (ZEC) Price Jumps 24% Weekly: Is $616 the Next Target? appeared first on CryptoPotato .