Zcash (ZEC) has surged nearly 50% over the past week, exhibiting strong bullish momentum despite a minor daily pullback. Analysts note the privacy-focused cryptocurrency is showing relative strength during a broader market correction. Technical analysis suggests ZEC has reclaimed key moving averages, with market watchers eyeing a potential breakout toward the $500 price zone if current support holds.
The price of Zcash (ZEC) is consolidating as Bitcoin stabilizes following a recent rally. According to data from CoinMarketCap, ZEC has declined 3.63% in the last 24 hours but remains up 49.66% over the past week. At the time of reporting, ZEC was trading at approximately $362 with a 24-hour trading volume of around $498 million.
Crypto analyst Rendoshi revealed that ZEC is displaying notable relative strength during a broader market pullback. “ZEC continues to hold structure firmly, indicating steady demand,” the analyst stated, suggesting accumulation is occurring as buyers defend price dips.
Technical analysis reviewed on TradingView indicates a clear bullish trend from a base near $200. The coin has broken above its 20, 50, and 100-day moving averages and is currently testing resistance near the 200-day MA. The Relative Strength Index (RSI) reading of 72.95 signals the asset may be overbought in the short term, potentially leading to consolidation.
Market watchers believe there is scope for further upside if current support levels remain intact. Technical indicators suggest the possibility of continued upward movement, with a target level noted at $500.
