From Strength to Struggle? Zcash (ZEC) Bulls Face a Critical Test
Zcash (ZEC) briefly surged to $480.76 but retraced to around $401.41 amidst bearish pressure. Trading volume spiked over 105%, reaching $1.88 billion, and the market cap stands at $6.54 billion. Technical indicators suggest a neutral to bearish outlook: the MACD shows bearish momentum, the RSI indicates balanced market conditions, and ZEC's BBP reading of -7.07 suggests stronger selling pressure. Support and resistance levels are at $398.53 and $403.85, respectively. The market remains volatile, with potential for further drops or minor bullish corrections.
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Zcash Approaches the $401 Price Level
Zcash (ZEC) has moved closer to the $401 price level as its trading volume has surged by over 105%. Despite this positive movement, the crypto market remains in the red zone, causing assets, including Zcash, to lose momentum. The overall market sentiment is fearful, with the market cap falling by 4.29%. All assets are struggling under the pressure of the bears, which continue to grow stronger day by day.
Zcash Gains Momentum Amid Market Pressure
Zcash has caught attention by securing a place on the trending coins list. Earlier in the day, ZEC traded at a low of $377.52, but a bullish trend pushed the price as high as $480.76. The asset has likely tested the critical resistance zones between $379 and $478. Currently, Zcash trades at approximately $401.41, marking a 2.24% spike. The market cap stands at $6.54 billion, while the daily trading volume has exploded by over 105%, reaching $1.88 billion.
Recent Liquidation Event
According to Coinglass data, the market has experienced a significant liquidation event involving $16.99 million worth of Zcash in the last 24 hours. This highlights the volatile nature of the market and adds to the ongoing pressure on ZEC's price movements.
Short-Term Outlook for Zcash – Bearish or Bullish?
The 4-hour price chart for the ZEC/USDT trading pair suggests a bearish tendency, with prices potentially testing the nearby support at $398.53. Extended bearish pressure could trigger a death cross, which might drive the price further down to $396.26 or lower. On the flip side, a bullish shift could see Zcash's price rise to the $403.85 resistance level. If a golden cross occurs, the price might surge above $405.79.
Technical Indicators for Zcash
Technical analysis reports show that Zcash is currently facing bearish momentum:
- The MACD line has briefly crossed below the signal line, signaling potential downward pressure.
- The CMF indicator is positioned at 0.09, which points to mild buying pressure and capital inflow into Zcash, though not aggressively.
- The daily RSI sits at 50.93, indicating a neutral market momentum. It suggests that the market is neither strongly overbought nor oversold at this stage.
- Finally, the BBP reading of -7.07 reflects strong bearish dominance, indicating that selling pressure outweighs buying strength. The lower the number, the more pronounced the bearish momentum becomes.