Zcash (ZEC) is moving in a positive price trajectory following the early signs of changing conditions in the crypto market. According to CoinMarketCap, the ZEC price has surged by 8.45% over the last 24 hours and 5.88% over the last week.
At the time of writing, ZEC is trading at $347.65, with a trading volume of $412.7 million, which has declined by 14.17% over the last 24 hours. However, its market capitalization stands at $5.78 billion, which is up by 8.23%.
Source: CoinMarketCap
Also Read: Zcash (ZEC) Gains Momentum After Robinhood Listing, Eyes $423 Breakout
Is ZEC Preparing for a 100% Surge After Breakout?
Furthermore, the crypto analyst Javon Marks highlighted that ZEC has recently broken out of a prolonged consolidation phase, signaling a shift in market momentum after weeks of sideways trading.
The breakout suggests that the prior stagnation may have been temporary, with buyers stepping in as price pushed above key resistance levels and renewed bullish sentiment beginning to form across the market.
Source: Javon Marks’ X Post
In the event that this breakout trend persists, ZEC might be able to continue its upward move considerably. It is even expected that some forecasts will point towards the potential for reaching the upper $600 mark, which would mean more than doubling its price. Yet again, any further gains will hinge heavily on the performance of the entire cryptocurrency sector.
Momentum Indicators Point to Increasing Strength
According to Trading, RSI is standing at 59.35, which is rapidly rising above its signal line at 40.36. The upward trend reflects a rapid recovery after previous sluggishness and is inching towards overbought territory. The rapid rise indicates that buyers are taking advantage over sellers.
Source: TradingView
The bullish stance becomes more evident on the MACD chart due to the cross-over as the blue line crosses over the orange signal line.
Although the MACD is currently trading at -2.59, there has been an indication of reversal in the histogram from red bars to green bars. The formation of this pattern can be observed in ZEC.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Zcash Holds Strong Above $320 Support: Can ZEC Rally to $400 Next?
