Key takeaways
ZEC is up 12% within the final 24 hours, making it the second-best performer within the high 10.
The coin might rally previous the $700 mark within the close to time period.
ZEC rallies as broader crypto market underperforms
ZEC, the native coin of the Zcash ecosystem, is up 12% within the final 24 hours, making it the second-best performer among the many high 20 cryptocurrencies by market cap.
The rally allowed ZEC to hit the $692 mark earlier at present, including 26% to its market cap to date this week.
ZEC’s rally over the previous few days comes as regulatory readability for ZCash has improved following the U.S. Securities and Trade Fee’s announcement closing its investigation into the Zcash Basis.
The Zcash Basis additionally reported holding roughly $36.7 million in liquid property, largely in ZEC, in line with its Q1 replace. Core technical improvement continues on the Zcash protocol regardless of organizational adjustments on the Electrical Coin Firm.
Zcash technical outlook: ZEC targets larger resistance ranges above $700
The ZEC/USD 4-hour chart is extraordinarily bullish as Zcash has solely been outperformed by Hyperliquid over the past seven days.
At press time, ZEC is buying and selling at $655 after hitting the $692 stage. The momentum indicators are extraordinarily bullish, suggesting that the patrons are in full management.
The RSI of 70 implies that ZEC is now within the overbought area. The coin might endure a correction, however the present momentum stays bullish. The MACD traces are additionally inside the overbought territory.
If the rally continues, ZEC might lengthen its beneficial properties previous $700 and hit the $745 resistance stage for the primary time since November. An prolonged rally would enable ZEC to focus on the $800 psychological stage.
Nonetheless, if the market undergoes a correction, ZEC might retest the $580 low created on Wednesday.
Failure to defend this assist stage might expose ZEC to decrease demand zones round $485.
