- Zcash (ZEC) is showcasing remarkable performance in the crypto market, becoming one of the top performers in the last 24 hours.
- ZEC price surged by almost 16% in the last 24 hours, and the daily trading volume increased by 56% suggesting increased buying interest.
Zcash (ZEC) is creating a buzz in the crypto market with an impressive performance and is among the best performers in the past 24 hours. According to the CMC data, the Zcash price has soared by nearly 16% in the past 24 hours, with the daily trading volume rising by 56%, which indicates that the market players are buying it in large numbers. The cryptocurrency is now trading at $63.87, a major breakout of its recent consolidation period.
The technical outlook of Zcash has become strongly positive, and several indicators are sending good signals. The price has drawn a golden cross; the 50-day EMA of the price is at $45.38, and the 200-day EMA of the price is at $43.26, which is a typical bullish indicator that usually leads to the long-term upward trend.
The golden crossover indicates that the short-term momentum has shifted strongly to the upside and could draw in more buyers to the market. The price movement indicates that ZEC has already surpassed the key resistance point of $56.81 that served as a ceiling in the May rally. This breakout, along with the volume, confirms the bullish action and indicates the belief behind the price action.
What Next For Zcash Price?
The MACD indicator is also showing a robust positive momentum; the MACD line of 4.09 is significantly higher than the signal line of 3.20, and the histogram is showing lengthening green bars of accelerating bullish momentum.
The RSI is 62.73, which is in the bullish region and not overbought, indicating that the asset can still gain more before it becomes technically stretched. Also, the sentiment indicator is positioned squarely on the positive side at 1.01, indicating optimistic market positioning and confidence of the trader.
The moving average structure has inverted the bullish completely, and the price is trading significantly higher than the 50-day, 100-day and 200-day EMAs, which have now become dynamic support levels. The former support zone of $34.50 has already demonstrated its significance as a launchpad to this rally.
The next target of Zcash, based on the existing momentum and technical structure, is $75, a 17% increase from the existing levels. Nevertheless, traders must be aware of possible profit-taking around the psychological level of $70, which may offer some short-term resistance until the final target is achieved.
Highlighted Crypto News Today:
Aster Token Accumulation by MrBeast; What’s Cooking for ASTER Price?
