ZCash Thriving: Could ZEC Traders Surge to $480 and Beyond?

Summary:
ZCash (ZEC) has recently surged by over 30% following its listing on the Bitget exchange, breaking the psychological barrier of $400. While the current indicators show mixed signals, many traders remain optimistic. This article explores the potential targets and market dynamics influencing ZCash.

Key Takeaways

ZCash (ZEC) has increased 30.8% since its listing on Bitget, rising from $312.8 to $409.2.
$360 has proven to be an essential support level, while a breach above $400 opens the door for further gains.
Mixed signals in trading indicators indicate a cautious approach, with potential price consolidation if demand does not strengthen.
Traders are encouraged to consider long positions with clear stop-loss strategies.

The ZCash breakout above $400 positions it for a push toward $480- and possibly beyond $600 too

Analyzing ZCash Trends and Patterns

ZCash 1-day Chart Source: ZEC/USDT on TradingView

From a price assessment perspective, both the structure of swing movements and the recent internal patterns on daily charts have been bullish. The identified imbalance in the price range of $395 to $425 has been filled, suggesting further potential for gains.

However, it is important to note that indicators are showing weak demand. The Chaikin Money Flow (CMF) is at -0.25, indicating ongoing selling pressure, while the Money Flow Index remains below 50, reflecting low inflows. This scenario keeps traders attentive to changes in volume trends. If demand doesn’t pick up, we might see the price stabilize around current levels.

ZCash 1-hour Chart Source: ZEC/USDT on TradingView

On the 1-hour chart, the indicators demonstrate encouraging capital inflows and overall momentum; however, this momentum has decelerated in recent hours. While this appears contradictory to the daily indicators, it is not a significant concern at this moment.

Moreover, a demand pocket exists between $382 and $395. A fall below this range could prompt a move toward $330–$350. Conversely, surpassing the $425 mark could pave the way to the $480 target.

Considering the Bearish Possibility for ZCash

In a bearish scenario, a breakdown below $380, followed by a retest of this level as a supply zone, would challenge bullish momentum. This change could negate the bullish outlook that ZEC has displayed across daily, 4-hour, and 1-hour charts.

Traders’ Guide to Action: Timing Long Positions

Now appears to be a favorable moment to consider going long. The potential bearish situation will act as a threshold for bullish traders, allowing them to place a stop-loss at or just under $382 while aiming for the $480 target. Additional targets beyond this level include $550 and $610.

Final Thoughts

Disclaimer: This article offers perspectives and does not serve as financial, investment, or trading advice. It solely reflects the author’s opinion.