- A 12% jump in value pushed the Zcash price to $266.
- Technical indicators show bullish signs on the ZEC chart.
The trigger behind the Zcash (ZEC) rally might be the $25M funding that happened a few days back, which boosts confidence in development. It also signals strong investor confidence in the growing worldwide adoption. After certain corrections from its previous highs, the asset is currently trading on the upside, with a 12.51% jump.
At the time of writing, Zcash is trading within the $266.43 range, and the market cap is resting at around $4.42 billion. Besides, the daily trading volume of ZEC has increased by over 72.59%, reaching the $721.17 million mark, as reported by CoinMarketCap.
Zooming in on the 4-hour chart of the ZEC/USDT trading pair, the bulls are in control, taking the price to hit a resistance at around $274.38. Further pressure on the upside may trigger the golden cross to unfold, and the potent bulls would send the asset’s price up above $282.56.
Conversely, if the Zcash momentum reverses, the price might immediately retrace and find the nearest support level at $258.31. An extended downside correction could initiate the emergence of the death cross, and likely, the mighty bears will drive the price even lower, below $250.
Zcash Indicators Turn Bullish: Can the Momentum Hold?
The technical analysis reports that the MACD line is above the signal line, a sign that bullish momentum is building. Notably, Zcash’s price movement is getting stronger, and if the gap between the lines keeps widening, the uptrend gains more strength.
Moreover, the CMF indicator of ZEC is at 0.13, showing moderate buying pressure. Notably, the money is flowing into the asset rather than out, with the buyers actively supporting the price action. It reflects steady accumulation and positive sentiment.
Zcash’s daily RSI of 73.15 indicates its overbought condition. The price has risen strongly, with buyers firmly in control. Also, the momentum might continue to move higher if the trend stays strong, but there is a higher chance of a small pullback.
Furthermore, the BBP reading of 45.07 suggests very strong bullish dominance in the ZEC market. Significantly, it hints at an upward momentum and strong demand. Such a high value supports a strong uptrend, though the move can get stretched.
At press time, the market sentiment of the altcoin points toward the bullish side. If the surge is sustained and gains more strength, it may hit all the crucial recent highs. With the bears entering the Zcash market, the price would slip back. For a clearer future trajectory, explore our comprehensive outlook, providing a detailed price forecast for Zcash (ZEC) 2026, 2027, and going through 2030.
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Source: https://thenewscrypto.com/zcash-zec-jumps-12-can-the-momentum-fuel-a-bigger-weekly-run/
