Zcash (ZEC) Sparks Bullish Momentum: Are Bears Losing Their Grip?

Zcash (ZEC) Sparks Bullish Momentum: Are Bears Losing Their Grip?

Zcash (ZEC) has witnessed a significant upward movement in price, breaking through key resistance levels. With increased market activity and a surge in trading volume, many analysts are questioning whether the bearish trends are finally receding.

Key Takeaways

Zcash has risen from a low of $327.86 to a high of $364.80.
The market capitalization for ZEC has reached $5.86 billion with a 50.92% increase in daily trading volume.
Indicators show mixed signals: bullish momentum with the MACD, though selling pressure persists according to the CMF.
Resistance levels are crucial at $361.36 and potential support exists at $359.16.
The daily RSI suggests strong momentum but is approaching overbought territory.

In the early hours, Zcash traded at a low of $327.86, but a strong bullish movement has pushed the price up to a peak of $364.80. This rally has allowed ZEC to break through significant resistance levels between $328 and $363, confirming a positive market outlook. Currently, Zcash is trading around the $360.06 mark.

The market capitalization of ZEC has now reached an impressive $5.86 billion, driven by a daily trading volume that surged over 50.92% to $873.9 million. According to Coinglass data, Zcash has undergone a liquidation event totaling $3.98 million in the past 24 hours.

Zcash's Rebound: A Positive Trend Emerges

The Moving Average Convergence Divergence (MACD) line for Zcash is positioned above the signal line, offering an optimistic perspective on the asset's potential to maintain an upward trend. Conversely, the Chaikin Money Flow (CMF) indicator currently shows a value of -0.10, indicating a prevailing selling pressure within the market. This suggests that there is more capital flowing out than flowing in, and bearish sentiment may persist unless buying volume starts to rise.

ZEC chart (Source: TradingView)

Zcash's price action is likely to encounter significant resistance near $361.36. Should a bullish correction occur, it could pave the way for a golden cross, pushing the price above $362.46. On the flip side, if a downturn occurs, the price might retrace to test immediate support at $359.16. Under strong bearish pressure, this could lead to a death cross, potentially driving prices below $358 or even further down.

Currently, ZEC's daily Relative Strength Index (RSI) sits at 65.48, indicating strong bullish momentum. If it hits the overbought zone of 70, Zcash could face resistance or a brief pullback. Moreover, the Bull Bear Power (BBP) for Zcash stands at 38.39, illustrating that bulls are currently in control, suggesting a continued bullish sentiment unless this momentum begins to wane.

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