- Zcash (ZEC) is hovering at around the $360 mark.
- Daily trading volume has surged by over 50%.
The crypto market, with a 2.28% loss, has brought in red waves across the board. All major assets are charted in red, failing to come out of the bearish hold. With the Fear and Greed Index value stationed at 34, fear is spreading in the market. Meanwhile, Zcash (ZEC) has emerged as one of the trending coins, posting a surge of over 8.81%.
In the early hours, the asset traded at its bottom range of $327.86, and with the bullish encounter, the ZEC price has risen to a high of $364.80. It has broken the key resistance zones between $328 and $363 to confirm the positive outlook. Notably, the recovery of Zcash has made it to trade within the $360.06 mark.
Besides, the market cap of ZEC has reached $5.86 billion, with the daily trading volume having soared by over 50.92% to the $873.9 million level. The Coinglass data has reported that the market has experienced a liquidation event of $3.98 million worth of Zcash in the last 24 hours.
Zcash Rebounds: Signs Point to a Bullish Comeback
Zcash’s Moving Average Convergence Divergence (MACD) line is found above the signal line, generally giving a bullish indication. Also, the asset could be continuing an uptrend. In addition, the Chaikin Money Flow (CMF) indicator of ZEC at -0.10 hints at the dominance of selling pressure in the market. The capital is flowing out than in, and the bearish sentiment may continue unless buying volume increases.
The price action of Zcash could find its crucial resistance at around $361.36. A potential bullish correction might invite the golden cross to form, which pushes the price above $362.46. Assuming a reversal for Zcash, the price might retrace and test the nearest support range at $359.16. With strong bearish pressure, it could initiate the emergence of the death cross, driving the price below $358 or even lower.
ZEC’s daily Relative Strength Index (RSI) of 65.48 suggests its strong bullish momentum. Once it reaches the overbought zone at 70, it might soon face resistance or a short-term pullback. The Bull Bear Power (BBP) reading of Zcash settled at 38.39, indicating that bulls currently have control. It is a sign of continuing bullish sentiment and the potential for further uptrend unless momentum weakens.
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