Key Takeaways
- ZEC has outperformed other top 30 cryptocurrencies, adding 5% to its value in the last 24 hours.
- The coin may surpass $300 as bullish momentum returns.
ZEC Outperforms Broader Cryptocurrency Market
ZEC, the native coin of the Zcash ecosystem, has emerged as the strongest performer among the top 30 cryptocurrencies by market capitalization. With a remarkable 90% increase over the past week, the coin remains bullish despite the recent market downturn.
The privacy-focused coin hit a four-year high of $298 on Saturday, recovering impressively from a drop to $149 during Friday’s crash. However, it has since retreated, currently trading at $249 per coin.
Open interest (OI), which had diminished over the past three days, is now rebounding as retail interest in the coin picks up. ZEC appears poised to challenge the psychological barrier of $300 in the coming hours or days as bullish sentiment regains its footing in the market.
ZEC Aims for $300 Mark Amid Bullish Momentum
The 4-hour chart for the ZEC/USD pair reflects a bullish outlook, with the coin having gained 5% in the last 24 hours. It closed above the 61.8% Fibonacci retracement level at $235, suggesting it may be ready for short-term gains.
Technical indicators on the 4-hour chart remain bullish, indicating potential for further upward movement. The 52 RSI shows that ZEC is not yet in overbought territory, indicating room for additional growth. The MACD lines have also generated a buy signal following the recent dip.
By closing above the 61.8% Fibonacci retracement level at $235, ZEC could rebound to challenge the resistance level of $300 in the coming hours. A sustained rally could push the coin towards $320 for the first time since May 2021.
However, a bearish close below the $235 level in the near future may invite sellers to drive the price down to the $200 region. An extended bearish trend would make the next major support level at $193 a significant focal point.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
