Zcash is currently showing a bearish technical pattern, characterized by a head-and-shoulders formation near the $301 neckline, which suggests a potential price decline. According to NS3.AI, derivatives data reveal over $15 million in short liquidation leverage, indicating a strong market belief in a downward trend. However, mega whales have discreetly increased their ZEC holdings by 4.21%, which could potentially counteract the bearish sentiment.