Zcash Becomes Market Leader with Stunning 30% Upside Rally
- ZEC is making a buzz in the crypto market due to its remarkable performance. Become a top performer in the last 24 hours.
- Zcash (ZEC) has surged by almost 30% and the daily trading volume has surged by 92% in the last 24 hours.
Zcash (ZEC) has become one of the best performers in the cryptocurrency market, and it has provided a spectacular performance that has captured the attention of both traders and investors. As CoinMarketCap data shows, ZEC has increased by almost 30% in the past 24 hours, and the daily trading volume has increased by 92%, indicating that institutional and retail investors are showing significant interest in the privacy-oriented digital asset.
The technical outlook of Zcash has become strongly bullish in various timeframes. At a current price of approximately $240, ZEC has been trading far above its 50-day exponential moving average of $87.56 as well as its $200-day EMA of 54.89. This move above major moving averages is a major technical achievement, which proves the shift of a period of long consolidation into a robust uptrend. The high difference between the present price and these EMAs highlights the bullish force behind this price action.
What Next For Zcash Price?
MACD indicator is showing strong bullish divergence, as the MACD line is crossing far above the signal line and the bars in the histogram are rising in the positive territory. This structure indicates that not only is the upward momentum present, but it is gaining strength, which gives traders assurance that the rally does have legs to run. On the same note, the sentiment indicator has shot up to 11.36, indicating a massively positive market psychology towards Zcash.
Months of lateral trading between $25 and $60, Zcash finally broken out in early October, starting a parabolic run that has seen the asset over four times the consolidation lows. This breakout was also accompanied by a dramatic increase in volume, which justified the move as a true breakout and not a fake breakout.
In the future, the technical analysts have established important upside levels at $250 and $275. The next psychological resistance is the $250 level, and the next would be the multi-year high of the asset at the level of $275. These targets seem realistic in the near term, considering the strength of the current momentum indicators and the long-term buying pressure as indicated in the volume profile. But, traders must be sensitive to possible profit-taking at these important levels, which might lead to short-term consolidation until the next leg higher is formed.
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Zcash Becomes Market Leader with Stunning 30% Upside Rally
- ZEC is making a buzz in the crypto market due to its remarkable performance. Become a top performer in the last 24 hours.
- Zcash (ZEC) has surged by almost 30% and the daily trading volume has surged by 92% in the last 24 hours.
Zcash (ZEC) has become one of the best performers in the cryptocurrency market, and it has provided a spectacular performance that has captured the attention of both traders and investors. As CoinMarketCap data shows, ZEC has increased by almost 30% in the past 24 hours, and the daily trading volume has increased by 92%, indicating that institutional and retail investors are showing significant interest in the privacy-oriented digital asset.
The technical outlook of Zcash has become strongly bullish in various timeframes. At a current price of approximately $240, ZEC has been trading far above its 50-day exponential moving average of $87.56 as well as its $200-day EMA of 54.89. This move above major moving averages is a major technical achievement, which proves the shift of a period of long consolidation into a robust uptrend. The high difference between the present price and these EMAs highlights the bullish force behind this price action.
What Next For Zcash Price?
MACD indicator is showing strong bullish divergence, as the MACD line is crossing far above the signal line and the bars in the histogram are rising in the positive territory. This structure indicates that not only is the upward momentum present, but it is gaining strength, which gives traders assurance that the rally does have legs to run. On the same note, the sentiment indicator has shot up to 11.36, indicating a massively positive market psychology towards Zcash.
Months of lateral trading between $25 and $60, Zcash finally broken out in early October, starting a parabolic run that has seen the asset over four times the consolidation lows. This breakout was also accompanied by a dramatic increase in volume, which justified the move as a true breakout and not a fake breakout.
In the future, the technical analysts have established important upside levels at $250 and $275. The next psychological resistance is the $250 level, and the next would be the multi-year high of the asset at the level of $275. These targets seem realistic in the near term, considering the strength of the current momentum indicators and the long-term buying pressure as indicated in the volume profile. But, traders must be sensitive to possible profit-taking at these important levels, which might lead to short-term consolidation until the next leg higher is formed.
Highlighted Crypto News Today:
Litecoin (LTC) Volume Jumps 127%, Can the Bulls Keep the Flame Alive?
Read More