Zcash (ZEC) Eyes Higher Ground: After a 14% Rally, Can Bulls Drive a Strong Week Ahead?

• Zcash rallied 14%, reaching a trading price of $511.
• Daily trading volume for ZEC has soared by over 46%.

With the mixed signals lingering across the assets, the broader sentiment remains fear, as the Fear and Greed Index value sits at 28. The majority of the digital assets are charted in red, where Bitcoin (BTC), the largest asset, is trading at around $87.4K and the largest altcoin, Ethereum (ETH), is hovering at $2.9K. Meanwhile, Zcash (ZEC) stands out as one of today’s trending coins. 

The asset traded at a bottom of $438.79 in the morning hours, and with the steady bullish ascent, the price climbed to a high range of $513.06. ZEC has convincingly broken the key resistance levels to confirm the uptrend between $439 and $512. Remarkably, Zcash’s 14.66% surge in value triggers to trade at $511.71.  

Besides, the market cap of the asset is staying at $8.41 billion, and the daily trading volume of ZEC has increased by over 46.78% to the $731.95 million mark. The Coinglass data has reported that the market has witnessed an event of liquidation of $14.98 million worth of Zcash during the last 24 hours. 

Zcash Chart Flashes Green as Momentum Picks Up

Zcash’s technical analysis reports that the MACD is settled above the signal line, which indicates a bullish outlook. As long as the indicator holds, the trend may remain positive. In addition, the CMF value of ZEC at 0.34 suggests healthy buying pressure in the market. It shows that the capital is flowing into the asset, and if it remains above zero, it likely supports the active bullish trend. 

ZEC chart (Source: TradingView)

The daily RSI of 81.19 implies that ZEC is deeply in the overbought condition. This reflects very strong buying momentum, but also raises the risk of a pullback or consolidation. Zcash’s BBP reading of 69.32 signals very strong bullish dominance. The bulls are significantly overpowering the sellers, and it may be overextended. Thus, the traders watch for signs of momentum cooling or divergence. 

On the recent price chart of the ZEC/USDT pair, the bulls light up strong green candlesticks, with the price could climb to its resistance at $513.62. Further upside pressure might wake the potential bulls and send the price up above $515.86. On the flip side, if the ongoing Zcash momentum takes a bearish turn, the price might fall to the nearest support at $509.22. An extended bearish correction would strengthen the bears and eventually drive the price lower toward $507.13.

Top Updated Crypto News

KAITO Sparks a Bullish Wave: Can the 21% Rally Continue or Will the Momentum Fade?