Zcash surged over 20% in 24 hours as trading volume rose over 76%, breaking out from a descending wedge pattern to signal a bullish shift. The rally pushed the price from a support zone near $195 toward the $300 resistance level, though underlying metrics like a sell-dominant Spot Taker CVD and negative funding rates reveal conflicting signals about the move’s sustainability.
Zcash has surged over 20% in the last day as trading volume rose more than 76%, reflecting a sharp increase in market participation. This expansion signals renewed interest following a prolonged decline, with the price pushing upward from the $194.90 support zone.
The cryptocurrency has broken out of a descending wedge, shifting its short-term structure toward bullish territory. This breakout indicates improving market strength, though the price now approaches the $300 resistance zone.
RSI has climbed toward 58, reflecting strengthening buyer activity without entering overbought territory. This shift toward neutral-bullish levels highlights improving sentiment among market participants.
Data from CryptoQuant shows Spot Taker CVD over the 90-day period remained sell-dominant, indicating market sell orders have outweighed buys despite the rally. This creates a contrast between visible price strength and underlying order flow dynamics.
Furthermore, the OI-Weighted Funding Rate has dropped to approximately -0.032%, signaling that short positions dominate the Derivatives market. This imbalance can create conditions for sharp upside moves if shorts begin to unwind, potentially amplifying volatility.
Zcash’s rally showed clear strength after breaking out of the descending wedge, supported by rising RSI and strong volume expansion. However, persistent sell pressure and heavy short positioning introduce conflicting signals beneath the surface as the price nears a key resistance level.
