ZEC eyes $300 as bearish sentiment fades

Key takeaways

ZEC has outperformed different cryptocurrencies within the high 30, including 5% to its worth within the final 24 hours.
The coin might rally above $300 as bullish momentum returns.

ZEC outperforms the broader crypto market

ZEC, the native coin of the Zcash ecosystem, is the most effective performer among the many high 30 cryptocurrencies by market cap. Up 90% within the final seven days, the coin stays bullish regardless of the current market crash.

The privacy-focused coin fashioned a four-year excessive of $298 on Saturday, recovering excellently from the crash to $149 recorded throughout Friday’s market crash. Nonetheless, it has dipped since then and is at the moment buying and selling at $249 per coin.

The Open Curiosity (OI), which has been on a decline over the previous three days, is now recovering as retail curiosity within the coin resumes. ZEC might goal the $300 psychological mark over the subsequent few hours or days because the bulls regain full momentum of the market.

ZEC eyes the $300 psychological mark amid bullish momentum

The ZEC/USD 4-hour chart is bullish and environment friendly because the coin has added 5% to its worth within the final 24 hours. It has closed above the 61.8% Fibonacci retracement degree of $235 and could possibly be set to rally increased within the close to time period. 

The technical indicators on the 4-hour chart stay bullish, suggesting that ZEC might rally increased within the close to time period. The RSI of 52 reveals that ZEC remains to be not inside the overbought area, indicating additional room for development. The MACD strains additionally flashed a purchase sign following the current dip. 

By closing above the 61.8% Fibonacci retracement degree at $235, ZEC might bounce again to problem the $300 resistance degree over the subsequent few hours. An prolonged rally would enable the coin to hit $320 for the primary time since Might 2021. 

Nonetheless, a bearish shut beneath the $235 degree over the subsequent few hours might see the bears take the worth to the $200 area. An prolonged bearish run would see ZEC threaten the subsequent main assist degree at $193.