Zcash Price Analysis: Bulls Stay in Control as ZEC Targets $750

Zcash (ZEC) is currently trading at $522, showing a 0.92% increase in the past 24 hours. The price has been comparatively stable, although with slight upward pressure. Meanwhile, the trading volume has gone up by 2.74% to 807.75 million, which indicates stable market participation.

Source: CoinMarketCap

On a weekly basis, ZEC has provided a significant upward trend. Over the last week, the price of the token had increased by 16.7%. This performance is an indication of the rising momentum and increasing interest among market participants.

Zcash Structure Holds as Bulls Target Higher Levels

Analyst CryptoPulse highlighted that the asset is performing relatively well as compared to other altcoins. According to the analyst, pullbacks toward the $480 level could be advantageous entries. That is still one of the main zones where buyers have intervened.

Higher levels are being targeted provided that the price remains above this support. The next significant resistance identified by analysts was at $650. Any break above that might see the price test the area of $750. As long as the structure is intact, these targets will not be nullified.

Source: X

Moreover, another analyst, Zia ul Haque, revealed a breakout over the $468 demand zone. He observed that the subsequent rally was as expected. Following the move, Zcash entered a sideways range. The shift represented a cooling of volatility rather than an indication of selling pressure.

This phase of consolidation implies that the market is taking in new gains. Reduced volatility may follow sharp upsurges. But analysts cautioned that a decisive drop below the support will cause a further sell-off.

Source: X

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RSI and MACD Signal Ongoing Bullish Momentum

The Relative Strength Index (RSI) is at 62.00. Such a level keeps Zcash beneath the area of overbought but still indicates consistent bullish action. The RSI moving average is at 52.49, which means that the buying force remains stronger than the selling one.

Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator is supportive. The MACD line stands at 14.14, the signal line stands at 17.49, and the histogram stands at 3.35. These readings indicate that bullish momentum is yet to calm down, but it is showing a slight decrease as price action enters consolidation.

Trading Volume Climbs as Open Interest Signals Caution

According to CoinGlass data, the trading volume rose by 10.88% to $3.61 billion. Meanwhile, open interest declined by 8.64% to $1.24 billion. The Zcash OI-weighted funding rate was -0.0016%. This implied that shorts dominated in perpetual markets slightly more than longs.

Source: CoinGlass

Liquidation data indicated the imbalanced pressure in the positions. There were a total of $8.57 million in liquidations in the last 24 hours. Short liquidations amounted to $6.17 million, and long liquidations were about $2.41 million.

Source: CoinGlass

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