ZCash (ZEC) has rebounded from a key long-term support level at $187.90, with its weekly swing structure holding and short-term momentum turning bullish. Data from CoinMarketCap shows the asset rallied nearly 10% in the past 24 hours, overcoming the $300 resistance, though significant overhead threats remain in the $365 to $460 range.
ZCash has rallied 9.88% in the past 24 hours with a 25% increase in daily trading volume, according to CoinMarketCap. The cryptocurrency rebounded from a key long-term support level at $187.90, with its weekly swing structure holding.
The $300 resistance has been overcome, but the main threats overhead are at $365-$460. Analysis of lower timeframe charts shows key local resistances at $320 and $357, based on a recent bearish impulse move.
The On-Balance Volume (OBV) has made new highs for February, but the RSI and Stochastic RSI show overbought conditions. This indicates a potential price correction ahead, though a drop may not extend as deep as $240.
A compelling reason for a potential move higher is seen in the liquidation map from CoinGlass. The $342 and $360 regions hold considerable cumulative short liquidation leverage, attracting price action.
However, Bitcoin tested the $70,000 resistance in recent hours and could see rejection. If it does, it could drag ZEC lower alongside it. The ZEC bulls have reclaimed the $300 former local resistance as support, at least for now.
If Bitcoin does not see strong selling pressure in the near term, a ZEC move to $360 is more likely than a breakdown below $300. The information presented does not constitute financial, investment, trading, or other types of advice.
