With the neutral sentiment hanging in the market, the asset’s price is leaving both the red and green shades. Notably, the late recovery effort failed to hold, and the largest assets, like Bitcoin (BTC) and Ethereum (ETH), are attempting to reclaim the recent highs. Meanwhile, among the digital tokens, one of the top trending coins is Zcash (ZEC).
In the early hours, the asset traded at a bottom of $408.72, and the potential bullish shift in the ZEC market has triggered the price to climb to a high of $448.21. To confirm the uptrend, the asset has convincingly broken the crucial resistance zones between $409 and $447. Also, the 3.6% gain has made Zcash trade at around $429.24.
The token’s market cap is resting at $7.07 billion, and the daily trading volume of ZEC is up by over 4.77%, reaching the $781.58 million mark. In addition, as reported by the Coinglass data, within the last 24 hours, the market has experienced an event of liquidation of $3.85 million worth of Zcash.
Could Zcash See Continued Momentum in the Near Term?
Zcash’s technical analysis reveals that the MACD line has crossed above the signal line, which indicates bullish momentum. This crossover may push the price to continue moving higher. Moreover, the CMF indicator at 0.14 indicates positive buying pressure in the ZEC market. The capital is flowing into the asset, but not extremely strongly; it is also viewed as a bullish signal.
With the ZEC/USDT trading pair having the bulls in control, the price could rise to the resistance at around $434.21. If the upside pressure intensifies, it may trigger the asset’s price to move up above $439.57. Upon a bearish reversal, the Zcash price might slip and test the support at $424.36. Assuming an extended downside correction, initiates the bears to acquire more power, and drive the price lower below $419.12.
The daily RSI of 55.89 implies moderate bullish momentum. Also, Zcash is above the neutral level, but it is not overbought, pointing to room for further upside if momentum continues. ZEC’s BBP reading of 16.50 signals strong bullish dominance. The bulls are pushing the price above. While selling pressure remains limited, this momentum is seen during strong uptrends or momentum-driven moves.
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