ZEC, futures market 'buying bias' continues to rise daily... heading towards $485

“New demand-side funds are driving this rally”… Technical bullish signals appear everywhere
Spot price records $444.93, revealing a structural upward pattern unlike previous rebounds

The rally of ZEC(ZEC) continues unabated. The nearly 30% surge this week has led to widespread consensus that this is not just a simple technical rebound but a ‘structural rally’ supported by active buying demand from market participants.

Looking at the derivatives market… Active long position building

On-chain indicators in the futures market clearly show this trend. The open interest(OI) has surged from $700 million on December 3rd to around $950 million on Wednesday. Importantly, as the price rose, open interest also increased. This indicates that beyond just closing short positions—‘short covering(short squeeze)’—new buy positions are actively being accumulated.

The long/short ratio also hit 1.08, reaching the highest point in the past month. It shows that traders betting on the rise are overwhelming those betting on decline.

A particularly notable indicator is the funding rate(Funding Rate). Currently maintaining a positive 0.0059%, it means investors holding long positions are paying interest to hold their positions. Historically, ZEC has shown upward momentum during periods of positive funding rates.

Technically, the ‘uptrend confirmed’ stage

From a chart perspective, ZEC has made a clear reversal to an uptrend. After breaking above the downward trendline that had been in place since November 20th on December 5th, it surged 19% on Monday and has continued to produce consecutive bullish candles through Tuesday and Wednesday.

The daily RSI(Relative Strength Index) has already crossed above 50, entering the bullish zone, and the MACD(Moving Average Convergence Divergence) is on the verge of a golden cross with its signal line. This suggests that technical buy momentum is strengthening.

The next hurdle is $485… support at $415 in case of correction

If the spot trend continues, the next resistance level is $485.18. This price zone could be the first barrier where profit-taking sell orders might appear, and breaking through it could accelerate the trend’s upward momentum.

However, if a short-term correction occurs after the sharp rise, $415 is expected to act as the first support level. Market experts advise, “If $415 holds, it should be interpreted as a healthy correction for further gains.”

While current indicators support ZEC’s structural bullishness, whether it can reach $485 will be a key point in determining the sustainability of this rally.