Zcash (ZEC) shows bullish momentum with price above key moving averages and higher lows, suggesting accumulation. A breakout above resistance could extend gains for the ZEC price while indicators show strength. Rising open interest signals confidence despite lower trading volume and cautious participation.
At the time of writing, ZEC is trading at $581.49 with a 24-hour trading volume of $626.05 million and a market capitalization of $9.69 billion. After posting the 4.77% gain over the last 24 hours, everyone’s focus is on whether the token can maintain its momentum to push the price to new highs.
Source: CoinMarketCap
ZEC Price Breakout Targets $700 Resistance Zone
Furthermore, the crypto analyst Alpha Crypto Signal highlighted that the ZEC price chart is forming a rounding bottom after recovering from its recent correction, indicating steady accumulation as selling pressure fades.
The ZEC price has reclaimed the 9 EMA and 50 SMA, signaling improving momentum, while gradually approaching neckline resistance near 560–580. Buyers are stepping in consistently, building a stronger base for a potential bullish continuation setup ahead phase.
Source: Alpha Crypto Signal’s X Post
If confirmation is obtained slightly above the neckline, it will confirm that there is a move towards 700. The higher low keeps the bullish formation active, and a significant increase in volume could support further moves higher.
As long as the ZEC price remains above the moving averages, the momentum remains positive, and buyers remain in charge.
Also Read: ZEC Price Breakout Confirms Bullish Momentum, Targets $782 Resistance Level
Technical Indicators Point to Strong Bullish Momentum
According to TradingView, the ZEC price is forming a powerful macro breakout, getting out of a long period of accumulation for 2024.
The ZEC price has shot through all important EMAs and is now trading around $580.67. The 20-EMA is sitting at $374.07, while the 50-EMA rests at $286.30, showing an interesting fan formation in place.
Source: TradingView
Following the peak close to $800, the ZEC price was held up by EMA support and embarked on a run of strong green candlesticks on the weekly chart.
The positive momentum is further supported by the RSI reading of 65.31 that is trading above its signal line once more.
Rising Open Interest Point to Upward Potential
However, the open interest for ZEC increased by 10.02%, reaching $1.33 billion, reflecting more market involvement and greater participation by the traders in the derivatives markets. This increase reflects more confidence, greater hedging, and speculation in the market.
Source: Coinglass
The volume decreased by 14.59% to stand at $2.80 billion, which indicates reduced trading volumes compared to previous figures. This is a sign of reduced participation in the market, with investors being more cautious.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: ZEC Price Outlook: Bulls Eye $400–$440 Zone for Potential Rebound
