Zcash (ZEC) remains on an uptrend amid the ability to hold critical support levels and maintain a strong interest in the buy-side. Technical analysis remains strong, with experts seeing this formation as just another part of a larger uptrend. However, conflicting signals imply indecision within the market.
At the time of writing, Zcash is trading at $357.39, with a 24-hour trading volume of $2.13 billion and a market capitalization of $5.80 billion. The price has gained 10.57% over the last 24 hours, reflecting strengthening short-term demand and improved buyer activity in recent sessions.
Source: CoinMarketCap
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Zcash Wave 4 Breakout Setup
Crypto analyst More Crypto Online pointed out that ZEC was able to enter a critical technical area, which corresponds to the 38.2% Fibonacci retracement line and is also believed to be a possible endpoint of wave 4 in the present formation. He emphasized that the main picture had not changed until now.
Source: More Crypto Online’s X Post
From the above situation, the upside targets are still pegged at $423 and $440 as the possible areas where the coin can find resistance. According to the analysis, in case ZEC sustains its price above the $300 area, there is a high possibility that the market will shift to wave 5.
Zcash Signals Strength Above Averages
Technically, Zcash remains moderately strong with an RSI of 62.82, which is just above its signal level of 62.26, implying persistent buying pressure without going into overbought levels.
Source: TradingView
Price is currently trading at $357.39, which is above the 20 SMA level of $330.78, but the 200 SMA around $350.76 is currently acting as a resistance level. The momentum indicators are also giving out mixed results, as the MACD histogram indicates some bearishness with a slight negative value.
Overall, ZEC is now in a period of transition where the prices remain stable, but another direction breakout will come soon.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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