- 38% jump for Zcash, currently trading at $692.
- ZEC’s daily trading volume is up by over 99%.
The back-to-back bearish waves in the crypto market have brought today mixed signals. It has resulted in losing momentum, with the majority of the assets trapped in the red zone, unable to escape the loop. Notably, the overall sentiment has shifted to extreme fear, with the Fear and Greed Index value settled at 16. Meanwhile, Zcash (ZEC) has recorded a steady surge of over 38.46%.
The asset has opened the day trading at a bottom level of $505.06. With the potential bullish shift in the market, the price has mounted toward $723.73. Upon the active uptrend gaining more traction, the bulls could carry the price upward to new highs. At the time of writing, Zcash trades within the $692.79 mark.
ZEC’s market cap is resting at $11.26 billion, with the daily trading volume exploding by over 99.89%, reaching the $3.1 billion range. It is worth noting the data reported by the Coinglass, that the market has experienced a liquidation of $38.19 million worth of Zcash during the last 24 hours.
ZEC on the Rise: Is Another Leg Up Coming?
Zcash’s Moving Average Convergence Divergence (MACD) line has moved above the signal line, which indicates a bullish crossover. It shows a potential upward pressure, likely renewing the bullish trend. In addition, the Chaikin Money Flow (CMF) indicator at 0.27 suggests strong buying pressure in the ZEC market. Notably, the money is flowing into the asset, supporting the current price movement.
Moreover, the daily Relative Strength Index (RSI) found at 73.88 signals that the asset is in overbought territory. Notably, the Zcash price may be overextended, and it may face a pullback or correction, unless strong momentum continues. ZEC’s Bull Bear Power (BBP) value of 238.19 implies strong bullish pressure in the market. It is pushing the price higher with strong momentum, hinting at continued strength—as long as buyers maintain control.
The bullish pressure on the Zcash price may push it up and test the resistance range at around $695.64. If the bulls gain enough strength to lead the rally, it triggers the emergence of the golden cross, pushing the price above $698.38. On the flip side, assuming the asset’s reversal, the price could fall instantly toward the support at the $599.57 level. With the bearish correction intensifying, the death cross might form, and take the Zcash price below $596.21.
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Source: https://thenewscrypto.com/zcash-zec-breakout-mode-will-the-38-rally-unlock-a-bigger-upswing/
