Despite the pullbacks, the whales of Zcash continued to increase their holdings, withdrawing millions of ZEC from Binance and Gate over the past month.
The article states that for the price of ZEC to surge towards $2,000, it must first re-establish itself at historical highs; if it can hold above $1,400, a more realistic recovery range in October would be between $1,500 and $1,700.
Zcash ( ZEC ) The price has approached the end of September's trading period. A previous strong upward trend pushed this privacy token to a new historical high of $1,686. Since then, as traders realized their profits and short-term momentum weakened, the price has significantly fallen back to around $1,400. However, even with this pullback, the token is still within an clearly bullish range, keeping higher targets in sight.
Whales continue to increase their holdings during the ZEC price correction period.
The average withdrawal price for these tokens is around $1,140, which indicates that even though ZEC has fallen from its September high, this whale continues to build positions. Transferring a large amount of ZEC out of the exchange usually means that holders are preparing for a longer-term position.
ZEC Price Analysis: The $1400 support level is under attention
After reaching a high of nearly $1,686 in September, the price of ZEC fell significantly. After three consecutive trading days of decline, ZEC tumbled to around $1,360 before rebounding to the $1,400 range. This pullback also caused the price to fall below the short-term upward trend line, indicating that the recent momentum has weakened.
Currently, $1,400 is a key support level that requires close attention. If this range can be maintained, buyers may have the opportunity to push ZEC back to $1,500, and then to $1,600. However, if it falls below this level, it could open the door to further declines and weaken the bullish trend. RSI is currently declining from a higher range, while OBV remains relatively strong, indicating that the accumulation has not deteriorated as significantly as the price.
ZEC Can the price reach $2,000 in October?
After a strong rise in September, the price has cooled down to some extent, but recent large-scale purchases by institutional investors (whales) have continued to support a generally bullish trend. The most important level to watch currently is $1400; as long as the price remains above this level, it is likely to continue to rise. For October, returning to the $1600 to $1700 range seems to be a more realistic target for recovery, and only then might ZEC challenge even higher prices. If it can continuously break through historical highs, that would enhance the possibility of reaching $2000.
