Zcash Price Rises Following Bitget Listing – Will ZEC Reach $605 Again?

Zcash's recent listing on Bitget has resulted in a significant price surge, enhancing liquidity and attracting interest from traders focused on privacy-centric assets. This upward movement signifies the beginning of strong momentum, as market participants quickly respond to new exchange listings. Additionally, the price gains for Zcash (ZEC) appear to be backed by increasing inflows and improved market sentiment.

Key Takeaways

Zcash prices climbed due to a new listing on Bitget, fostering liquidity and trader interest.
The ZEC price breakout indicates potential for a shift toward a longer-term upward trend.
Market indicators, including MACD momentum and open interest, point towards sustained bullish confidence.
Short sellers are experiencing significant losses, reinforcing the bullish trend for ZEC.

Zcash price surges amid Bitget listing — Will ZEC retest $605 next?

Can ZEC Price Maintain Its Breakout Momentum?

ZEC's price has effectively moved beyond its descending channel as buyers reclaim levels that had previously limited upside potential. This breakout is significant as it indicates a potential shift towards higher lows, which supports a broader recovery.

Alongside this, the MACD momentum indicator shows improvement, with the momentum line crossing upward and histogram bars widening, suggesting stronger support among buyers. The charts reveal notable resistance around $443, where traders will assess the strength of the current trend. A decisive close above this level could increase prospects for reaching $526 and potentially $605, especially if trading volumes support ongoing momentum.

Zcash price analysis Source: TradingView

Zcash Sees Increased Leverage as Open Interest Surges

As of the latest updates, Open Interest (OI) surged over 11% to $946.46 million, signaling that traders are raising their leveraged positions in this developing trend. This increase is important as elevated OI often correlates with heightened activity from short-term and momentum-focused traders.

Moreover, this uplift aligns with the improving price structure of Zcash, indicating that traders expect further upside potential. However, the rise in OI also brings increased volatility, as crowded trades can lead to more pronounced market reactions. The correlation between OI growth and enhanced MACD strength illustrates that participants are investing more capital with increasing confidence, supporting the ongoing trend as long as OI levels remain stable.

Source: CoinGlass

Zcash Price Strengthens Amid Losses for Short Sellers

Recent liquidation data reveals significant pressure on short sellers, who have lost approximately $3.64 million compared to just $678,000 in long liquidations. This disparity highlights challenges for sellers trying to maintain key support levels while buyers continue to dominate.

The trend towards short liquidations signals that bearish traders are exiting unfavorable positions, which helps propel price upward. Additionally, the low number of long liquidations suggests that demand remains strong, with traders accumulating dips as the ZEC price rises. Nonetheless, traders are still vigilant around the $360 mark, as any sudden reversal could lead to increased volatility. The current pattern of liquidations reinforces the trend's bullish momentum toward higher resistance levels in the chart.

Source: CoinGlass

In summary, the Zcash price is continuing on an upward trajectory as robust momentum, rising Open Interest, and significant selling pressure from short traders bolster confidence in the current trend. The ZEC price benefits from a breakout structure that supports ongoing progress toward higher resistance levels. Traders remain attentive to key zones; however, current market conditions suggest that buyers maintain strong control, which enhances the potential for further increases.

Conclusion

As Zcash's growth continues, the market will closely monitor its behavior to gauge potential future movements in ZEC's price.