Zcash (ZEC) Surges 14%: Is Major Resistance Ahead?

Zcash (ZEC) has experienced a significant upward movement, rising over 14% within a short time. The price reached a notable high after breaking through vital resistance levels, and with increased trading volume, many investors are watching closely to see if the price will continue its climb or face a potential pullback.

Key Takeaways

Zcash's price jumped by over 14% to approximately $408.47 after starting the day at around $355.08.
The asset broke through important resistance levels ranging from $359.82 to $419.85.
Zcash's daily trading volume soared by over 88% to $1.38 billion, with recent liquidations amounting to $15.18 million.
Technical indicators suggest bullish momentum, but caution is advised due to possible reversal points.

Zcash (ZEC) Surges 14%: Is Major Resistance Ahead?

Zcash Price Movement

Zcash (ZEC) began the day trading at a low of $355.08. Due to a bullish trend, the price surged to a high of $423.28. Currently, Zcash is trading at around $408.47, marking a jump of over 14.64%. The market capitalization of Zcash is approximately $6.58 billion, and its daily trading volume has increased dramatically, exceeding $1.38 billion—a rise of over 88.66%. Notably, data from Coinglass indicates that $15.18 million worth of Zcash was liquidated within the last 24 hours.

Positive Signs for Zcash: Are Bullish Trends Emerging?

The outlook for the ZEC/USDT trading pair appears positive, potentially leading the price to touch significant resistance at $428.47. If bullish momentum continues, a golden cross may occur, likely pushing the price above $438.73. However, in the event of a bearish reversal, Zcash may fall to immediate support at $398.47. Further declines could also trigger a death cross, which may drive prices below $388.19.

ZEC chart (Source: TradingView)

Technical Analysis Insights

An analysis of Zcash's technical indicators reveals that the MACD line is presently above the signal line, suggesting bullish momentum. Additionally, the buying strength seems to be rising, indicating that ZEC may be poised for an upward trend. However, the CMF indicator is sitting at -0.03, which is slightly negative and close to neutral, suggesting that momentum could shift in either direction. This indicates mild selling pressure but not a strong bearish sentiment.

Moreover, Zcash's daily RSI is at 61.52, pointing towards strong bullish sentiment. The asset is not in an overbought condition and is maintaining a healthy upward trend, which leaves room for further gains. The BBP reading of 35.11 indicates strong bullish dominance in the ZEC market, suggesting that the bulls currently hold the advantage, maintaining upward momentum as the price remains stable above critical levels.

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