Key takeaways
ZEC is up 12% within the final 24 hours, making it the second-best performer within the prime 10.
The coin may 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 prime 20 cryptocurrencies by market cap.
The rally allowed ZEC to hit the $692 mark earlier at present, including 26% to its market cap to this point this week.
ZEC’s rally over the previous few days comes as regulatory readability for ZCash has improved following the U.S. Securities and Alternate 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 accordance with its Q1 replace. Core technical improvement continues on the Zcash protocol regardless of organizational modifications 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 during the last 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 consumers are in full management.
The RSI of 70 signifies that ZEC is now within the overbought area. The coin may endure a correction, however the present momentum stays bullish. The MACD strains are additionally inside the overbought territory.
If the rally continues, ZEC may lengthen its positive factors 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.
Nevertheless, if the market undergoes a correction, ZEC may retest the $580 low created on Wednesday.
Failure to defend this help stage may expose ZEC to decrease demand zones round $485.
