Zcash (ZEC) has managed to recover to an important support zone, retaining a positive pace for the ZEC price breakout, even though the long-term trend is still moving in favor of the bulls. Increased volume indicates more participation in the trade, while declining open interest reflects the lower speculative interest of the market players.
At the time of writing, ZEC is trading at $453.22 with a 24-hour trading volume of $665.61 million and a market capitalization of $7.52 billion. Despite the 9.14% loss over the last 24 hours, the ZEC price structure and rising volume point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: ZEC Price Prediction: Can It Reclaim $500 After 20% Drop and Support Bounce?
ZEC Price Targets $680 After Key Support Reclaim
According to the crypto analyst Third Eye, the ZEC price is riding the wave of positive momentum on a new bullish trend, with experts highlighting that there is a good 4-hour setup due to a break of the structure recently.
The ZEC price is currently moving near $468 and testing its crucial reclaimed region while maintaining above the critical support at $400.
According to crypto analysts, it will be important for the bulls to defend this level and recapture the daily and weekly levels in order to sustain the ZEC price uptrend.
It is believed that $450 can present itself as a possible buying level, and the $400 support should be defended as the bottom level.
Source: Third Eye’s X Post
In case of rising buying pressure, there is anticipation that the ZEC price may move first to $530 and later to $600.
The most bullish scenario will see it reaching the $680 area where liquidity is abundant. In the context of the continued higher timeframe setup, buyers are waiting for a move above 50% from here.
ZEC Derivative Data Point to Cautious Outlook
However, the performance of ZEC trading is slightly improved with a slight rise in volume by 4.12% to $2.78 billion. This is an indication that there is increased participation in the market.
Source: Coinglass
On the other hand, the open interest fell 12.56% to reach $939.66 million as participants sold their outstanding positions. This shows that the level of speculation is falling amongst the participants.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: ZEC Trades Above $530 as Leveraged Long Positions Show Gains
