Zcash (ZEC) Bulls Take Charge: Will Momentum Lead to Gains Towards $450?

The Zcash (ZEC) market has witnessed a significant bullish trend with the price moving from a low of $408.72 to a peak of $448.21. A break above key resistance levels has resulted in an increase in trading volume and market capitalization, raising questions about the future momentum of ZEC.

Key Takeaways

Zcash trading began at a low of $408.72, rising to $448.21.
The token has broken through crucial resistance levels between $409 and $447.
Zcash's market cap is approximately $7.07 billion, with a daily trading volume of $781.58 million.
Technical indicators show bullish momentum, suggesting potential for continued price increases.
Market sentiment indicates both buying pressure and resistance against selling.

Zcash (ZEC) Bulls Take Charge: Will Momentum Lead to Gains Towards $450?

Zcash's Current Market Status

In the early morning hours, Zcash traded at a low of $408.72, but recent bullish activity has pushed the price up to a high of $448.21. Confirming this upward trend, ZEC has decisively broken through essential resistance zones between $409 and $447, resulting in a 3.6% increase, bringing the current trading value to about $429.24.

Zcash currently holds a market capitalization of around $7.07 billion, while its daily trading volume has risen by over 4.77%, reaching approximately $781.58 million. According to Coinglass data, the Zcash market witnessed a liquidation event of $3.85 million within the last 24 hours.

Potential for Continued Momentum

Analyzing Zcash’s technical indicators reveals that the MACD line has crossed above the signal line, indicating a positive bullish trend. This crossover could facilitate further price increases. Additionally, the Chaikin Money Flow (CMF) indicator stands at 0.14, suggesting favorable buying pressure in the market. Although there is capital flowing into ZEC, the momentum is not exceedingly strong, which also signals a bullish outlook.

ZEC Chart (Source: TradingView)

With the ZEC/USDT trading pair currently favoring the bulls, the price may potentially test the resistance level at around $434.21. Should bullish momentum strengthen, it is plausible for the asset's price to exceed $439.57. Conversely, if a bearish reversal occurs, the Zcash price could retreat to test the support level at $424.36. In the event of an extended downward correction, bearish sentiment could gain strength and push the price below $419.12.

Zcash's daily Relative Strength Index (RSI) of 55.89 indicates a moderate bullish momentum. While ZEC is positioned above the neutral level, it has not reached overbought territory, suggesting that there remains ample opportunity for further gains if the positive momentum persists. Furthermore, ZEC's Bollinger Bands Percentage (BBP) reading of 16.50 signals that bullish dominance remains strong. As buyers continue to outweigh sellers, this momentum typically precedes significant upward movements.

Top Updated Crypto News
DASH Price Analysis: Crypto Aims for an $88 High Amid High Volatility