Crypto analyst Crypto Tony has set his sights on Zcash (ZEC), predicting a potential bullish move if the cryptocurrency breaks the $418 resistance level. In a recent post on X, Tony shared a detailed chart highlighting ZEC’s price action against the USD, suggesting a long position could be on the cards if the price surpasses this critical threshold.
ZEC has been navigating a volatile market, with recent data indicating a current price of around $380.73 USD, down 7.24% in the last 24 hours. The $418 level, marked as a resistance zone, could serve as a pivotal point for traders eyeing a breakout.
Market Cap Milestone and Privacy Coin Competition
The chart reveals a pattern of fluctuating highs and lows, with the price recently testing the $418 mark. A successful breach could signal strong buying pressure, potentially driving ZEC toward higher targets. However, the mixed reactions from the crypto community on X reflect caution, with some users warning against the move while others see it as a strategic opportunity. This divergence underscores the importance of technical analysis and market sentiment in such decisions.
Community Sentiment and Strategic Outlook
With Zcash recently surpassing Monero in market cap, its privacy-focused model continues to attract attention. The optional privacy feature, combined with regulatory developments, positions ZEC as a contender in the privacy coin space. Traders are advised to watch for a weekly close above $418, which could trigger a rally toward $500, though a failure might see support levels tested between $320 and $350. As the market evolves, staying updated on these key levels will be crucial for investors.
- •ZEC faces critical resistance at $418, with a bullish breakout signaling upward momentum.
- •Market cap growth puts ZEC ahead of Monero, enhancing confidence in the privacy coin.
- •Support zones between $320 and $350 will be key if the breakout attempt fails.