Zcash (ZEC) is trading at $236, marking a daily gain of over 4% as trading volume surges 37%. Analysts identify a critical consolidation zone between $219 and $255, noting that a breakout could propel the price toward $340, while a breakdown may see a test of the $130-$160 region. Derivatives activity has increased significantly, with open interest rising nearly 7% to $345 million.
Zcash (ZEC) is trading at $236, according to CoinMarketCap, following a 4.04% daily increase. Its 24-hour trading volume rose 37.58% to approximately $410 million.
Despite the daily gain, ZEC has declined 3.26% over the past week amid heightened volatility. Analyst CryptoPulse highlighted that ZEC trades within a long-term falling wedge and a short-term consolidation range between $219.3 and $255.
The analyst noted the cryptocurrency has formed a rectangle pattern on lower timeframes, creating a rally-base-rally formation. A confirmed breakout from this pattern could see ZEC target the wedge boundary around $340.
Analyst Ardi mentioned ZEC is forming a base near $230 with six consecutive doji candles on the daily chart. “The ZEC price may try to make a move towards the $300 mark if it gains enough momentum,” Ardi stated, while warning a break of support could lead to a drop toward $130.
Data from CoinGlass shows futures trading volume increased 35.16% to $1.20 billion. Open interest rose 6.97% to $345.29 million, with an OI-weighted funding rate of 0.0076%.
Technical indicators show the price remains below its key Exponential Moving Averages. The token’s position in the lower half of the Bollinger Bands indicates tightening price action as the market awaits a decisive move.
