Key Takeaways
- Zcash (ZEC) is currently the top-performing cryptocurrency among the top 30 by market capitalization, with a 12% price increase in the past 24 hours.
- The digital asset is now trading above $350 and shows potential for further upward movement in the short term.
- This recent surge follows a significant 380% increase in ZEC’s value over the last 30 days.
ZEC Price Surges Past $350 Amidst Strong Rally
ZEC, the native cryptocurrency of the ZCash network, has continued its impressive price rally. Over the last 24 hours, ZEC has seen a notable 12% increase, building upon a remarkable 380% gain experienced over the past 30 days. This performance has positioned ZEC as a leading performer among major cryptocurrencies.
The recent positive price action is partly attributed to the integration of wrapped ZEC tokens onto the Solana network via the Zolana bridge. While these wrapped tokens function as standard Solana Program Library (SPL) tokens, it is important to note that they do not retain the privacy-preserving features inherent to the native Zcash protocol. These tokens are backed one-to-one by native ZEC but do not obscure the details of balances or transaction data.
ZEC Targets $400 as Bullish Trend Continues
The ZEC/USD 4-hour chart currently displays a bullish and efficient trend, a direct reflection of the ongoing price rally. Technical indicators suggest that buyers are in firm control of the market, indicating a potential for further price appreciation in the near future.
📊 The Relative Strength Index (RSI) is currently at 67, signaling a bullish bias with strong buyer momentum. Additionally, the Moving Average Convergence Divergence (MACD) lines are positioned in positive territory, further supporting the outlook for continued price increases.
If the current bullish momentum persists, ZEC could potentially test the $400 price level within the coming hours or days. An extended upward trend might even see ZEC reach a multi-year high of $500 in the weeks ahead.
📍 Conversely, if ZEC experiences a short-term correction following its recent run, it could retrace to the immediate liquidity zone (ILQ) at $318 in the near term. A more significant downtrend could lead ZEC to test the major support and trend line liquidity (TLQ) level at $235. This support level is anticipated to hold in the medium term, providing a foundation for ZEC to build upon its recent gains.
Expert Summary
Zcash (ZEC) has demonstrated exceptional performance, outperforming most major cryptocurrencies with significant gains over the past month and 24 hours. Technical analysis suggests a strong bullish trend, with potential for further price increases towards $400 and beyond if momentum continues. Support levels have been identified at $318 and a stronger base at $235, which could cushion any potential short-term pullbacks.