Summary
Zcash (ZEC) gained 12.48 percent of value over the last 24 hours to open at 52.24 dollars.
Market cap increased by 11.04 percent to reach the figure of $865.42 million.
The 24-hour trading volume has increased by 12.39 percent to reach 85.98 million dollars.
Good support at the levels of 45 and resistance at the levels of 55; the breakout may bring ZEC to the levels of 60.
Bullish momentum is accompanied by technical indicators such as RSI and Chaikin Money Flow.
Strong Circulating supply: 16.65 million ZEC close to total supply 16.71 million.
In this entry, Zcash (ZEC) is soaring with powerful leg build.
The well-known privacy-oriented cryptocurrency Zcash (ZEC) has experienced an exemplary growth during the past 24 hours. The 12.48% increase in price has put ZEC at a trading price of $52.24 topping its market capitalization to $865.42 million. This bullish charge indicates new interest by investors and an induction in the market.
Summary of Zcash Market Performance
An 11.04 percent growth in market cap is attributed to a high surge in volume of trade that reached $85.98 million or 12.39 percent higher. The volume to market cap ratio is at the healthy level of about 10% meaning good liquidity. The floating circulation of ZEC is at 16.65 million coins which were close to the total supply of 16.71 million. The fully diluted valuation (FDV) is as it obtains at present a figure of $1.09 billion.
Zcash takes 79th place in the world cryptocurrency rating, which also proves its status on the market. Recently, the total number of ZEC holders has surged to 10.87K indicating their increased use.
Technical Analysis: Is ZEC going to continue to climb upwards?
In the daily price chart, it is clear that ZEC is on a bullish momentum:
- Support and Resistance: The immediate resistance to the price is the $55-level, whereas the $45-level is strong support. A breach of the $55 level will push ZEC to $60. In its turn, a decline below $45 can put the subsequent support level at the level of about $40 into the spotlight.
- Relative Strength Index (RSI): The RSI is presently at 61.76 under the normal line of 65.78. This deviation implies a slowing pace of momentum, yet it is better than negative, and it would suggest an increase. In case RSI values go to 70, overbought signals could lead to the realization of profits.
- Chaikin Money Flow (CMF): CMF is at 0.13 and is above the zero line, indicating the stable inflows of capital and further accumulation. A prevailing rate of CMF above 0.1 will further establish the confidence level of investors and the possibility of this continuation on the upwards trend.
- Candlestick Patterns & Moving Averages: The latest bullish green close and short term moving averages dipping below the price serve to affirm the bullishness. It has not shown any bearish crossover, and this means that the uptrend in ZEC is alive.
Future of Zcash
Assuming that the buyers manage to clear off the resistance at the $55 point, the price might be checked at higher points towards $60. But in case it breaks the moving average lower, then ZEC can visit support between 45 dollars and 40 dollars. This notwithstanding, the general feeling is on the positive as the technical indicators show that buying effort is still strong.
Conclusion
The newest rise of Zcash shows a high interest on the market and good technical support. The traders will need to monitor significant points such as resistance and support at the dollar 55 and 45 respectively. It is likely that ZEC may carry on with its rally in the short term, provided there are profits inflows and momentum indicators remain bullish.