ZCash (ZEC) surged 24.36% in 24 hours, with trading volume spiking 71% to $491.38 million. The rally follows a bounce from a key weekly support level near $184, marking a 55% gain over eight days. Analysts note the price action confirms a prior forecast and highlight significant supply zones between $365 and $450 that could challenge further upward movement.
The privacy-focused cryptocurrency ZCash has experienced a significant price surge. Data shows ZEC rallied 24.36% in a single day, accompanied by a 71% increase in daily trading volume to $491.38 million.
This bounce originated from the $184 level, a key Fibonacci retracement support on the weekly chart. The move represents a 55.29% gain over the past eight days, confirming the asset’s longer-term bullish swing structure.
Analysts had previously indicated a price drop toward the $80-$115 zone was likely, with $200 acting as a potent support area. The current market sentiment remains fearful as Bitcoin struggles below the $70,000 level, potentially influencing altcoin trends.
On the daily chart, the $365-$450 region is identified as a critical supply zone. This area contains order blocks that previously fueled bearish continuation, suggesting it may act as resistance again.
Technical indicators present a mixed picture for momentum. The Accumulation/Distribution line is flat, indicating weak buying pressure, while the Awesome Oscillator remains below zero.
Consistently high buying pressure and a breakout past the key supply zones overhead will signal that the privacy coin is ready for recovery, the report concluded. It advised risk-averse investors to wait for stronger demand signals before entering long positions.
