- After a 21% jump, Zcash (ZEC) is trading at $357.
- Daily trading volume has exploded by over 249%.
A 3.83% gain in the crypto market brought in some green waves across the assets. All major assets are charted in green with a few in red, couldn’t escape the bear grip. The overall market is lingering in neutral sentiment, with the Fear and Greed Index value settled at 42. Among the pack of altcoins, Zcash (ZEC) is one of the top trending coins, posting a 21.20% jump.
The asset opened the day trading at a low range of $293.73, and the bullish shift has taken control of ZEC, pushing it to climb to a high of $371.38. The asset has likely tested and broken the resistance between $295 and $369 to confirm the uptrend. The active recovery has made the Zcash trade at around the $357.31 mark.
Moreover, the market cap has touched $5.86 billion, with the daily trading volume of ZEC having skyrocketed by over 249%, reaching the $1.59 billion level. As per the reporting of the Coinglass data , the market has witnessed an event of liquidation of $11.04 million worth of Zcash in the last 24 hours.
Zcash Sparks Renewed Bullish Energy
The technical analysis of Zcash reports that the Moving Average Convergence Divergence (MACD) line is above the signal line, giving a signal that the momentum is shifting to the upside and the price could continue rising. In addition, the Chaikin Money Flow (CMF) indicator of ZEC found at 0.24 hints at a strong buying pressure in the market. Notably, the money is flowing into the asset, suggesting accumulation rather than selling.
ZEC chart (Source: TradingView )
The ZEC/USDT trading pair is having a positive outlook, and the price could move up to its resistance at around $359. A stronger bullish correction might trigger the golden cross to take place and send the asset’s price above $361. Assuming the reversal of the current momentum, the Zcash price might slip and test the immediate support at $355. An extended bearish pressure could initiate the emergence of the death cross, driving the price below $353.
Furthermore, the asset’s daily Relative Strength Index (RSI) of 68.18 indicates that the ZEC is approaching the overbought zone. It refers to a strong bullish momentum , but the price might also reverse. Zcash’s Bull Bear Power (BBP) reading of 87.05 implies bullish dominance. Bulls are pushing the price above, and the higher the value, the stronger the buying pressure.
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