- Zcash is trading on a bullish development, increasing 15.7 per cent in the last 24 hours, and firmly trading above the support zone of 419.
- The resistance at 468.67 is very critical because the volume and volatility of the trading increase towards the upper limit of the given range.
- ZEC exhibits significant resilience to Bitcoin and increases 17 percent to 0.004592 BTC, which levels up its market strength in the short term.
Zcash (ZEC) has been on the trend of increasing over the past 24-hours, where it has improved significantly in value by 15.7 per cent to hit a high of $473.26. The recent fluctuations have not altered the coin significantly as it has been enjoying a strong momentum even when the coin goes above the critical levels of support.
This performance is in a regular trend of increased lows, which indicates that short-term buyers are still active around the point of $419. As the participation is observed to increase as the intraday charts showed, there is a strong conviction among buyers in the present range as indicated by the asset structure.
ZEC Maintains Strong Momentum Above Key Support Zone
The 4-hour chart illustrates that it has been very strong, with ZEC not dropping beneath the support zone that has already been made, which is at the level of $419. Market observers observe that this level has been used as a point of defense on several occasions when the market has gone on a minor retreat. All the retests have led to a sharp recovery suggesting that buyers are still piling up near this base. Also, the price movement has established a tight consolidating range above $420 which indicates that the market is stable since it has been volatile in the past.
It is worth noting that momentum picked up as the ZEC broke the resistance of $468.67, which corresponded to the high of the day, and enhanced the good mood of bulls. This outbreak is a notable transition to the last phase of correction and indicates that short-term traders are inclined towards further positive movement, but they are keeping minimal positions in the immediate resistance area.
Price Range and Market Behavior
Zcash has been varying between $386.53 and $468.67 in the past 24 hours which highlights the fact that there has been an increment in volatility in the most recent session. Nevertheless, this upward trend still fits inside the bigger bullish formation which has been built since the end of October. The increasing series of highs suggest continuous accumulation whereas wicks decreasing within the day suggest the lack of selling pressure.
Further, buying and selling has been enhanced in the range of about 470 where the interaction between buyers and sellers is high. The current market language could be constructive in the short run as long as the price is above the support area at $419.
Market Outlook and Key Observations
Currently, ZEC is trading at 17% higher than Bitcoin at 0.004592 BTC, which is comparatively strong in pairs. The market trend that is there at the moment is still characterized by a balanced contribution of the speculative buyers and the short-term profit-takers.
Nonetheless, market observers are keen on whether the bulls will be able to protect the level of $419 in case of intraday variations. Constant fluctuations above this level may be considered to be stabilizing and a new volume at the level of the $468 may mark the next directional bias.
