Despite a prevailing bearish sentiment across the cryptocurrency market, Zcash (ZEC) has emerged as a trending coin, experiencing a notable price surge. The broader market sentiment currently indicates fear, with the overall market fear and greed index holding at 25. Major cryptocurrencies, including Bitcoin and Ethereum, are struggling to maintain momentum under the current market conditions.
Zcash Price Performance and Trading Volume Surge
Zcash opened the trading day at a low of $355.08. Following a bullish shift, the price climbed to a high of $423.28, successfully breaking through the crucial resistance levels between $359.82 and $419.85. At the time of reporting, ZEC has registered an increase of over 14.64%, with Zcash trading around the $408.47 mark.
Accompanying this price increase, ZEC's daily trading volume has surged by more than 88.66%, reaching $1.38 billion. The market capitalization for Zcash is currently resting at $6.58 billion. Data from Coinglass indicates that approximately $15.18 million worth of Zcash positions were liquidated over the last 24 hours.
Technical Analysis and Bullish Indicators for Zcash
The ZEC/USDT trading pair exhibits a positive outlook, potentially driving the price to test the crucial resistance at $428.47. Sustained bullish pressure could lead to a golden cross formation, pushing the price above $438.73. Conversely, a bearish reversal could see the Zcash price fall to the immediate support level at $398.47. A further downside correction might trigger a death cross formation, potentially driving the asset's price below $388.19.
Technical indicator analysis for Zcash suggests bullish momentum, with the MACD line positioned above the signal line. This indicates increasing buying strength and suggests the asset may be preparing for an upward move. The Chaikin Money Flow (CMF) indicator is slightly negative at -0.03, close to zero, indicating that momentum could shift in either direction. This reading suggests mild selling pressure rather than a strongly bearish trend, with money flowing into the asset weakly.
The daily Relative Strength Index (RSI) for Zcash is currently at 61.52, signaling significant bullish sentiment. The asset is not overbought, and its position within a healthy uptrend suggests there is still room for further upward movement. Additionally, the Bull and Bear Power (BBP) reading is settled at 35.11, implying strong bullish dominance in the ZEC market. With bulls holding a solid advantage, the upward momentum remains intact, and the price is currently holding above key levels.
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