- Zcash (ZEC) has risen by 7.6 percent in 24 hours and it is trading at approximately $520.50, which is weakly positive with above major support.
- The price has already found a strong support at the level of $471.83 and the first resistance is observed at the level of $545.62 on the 4-hours chart.
- The increase of ZEC by 9.4 percent over Bitcoin is an indicator that the market is highly active as traders are keeping a check on a potential gain in the upward trend.
Zcash (ZEC) continued to trade on the positive trend today registering a steep rise of 7.6 per cent during the past 24 hours. The token currently is trading at around $520.50 with a very healthy bullish momentum against Tether (USDT).
In the 4-hour chart of MEXC, ZEC has surpassed the past consolidation levels and is experiencing a gradual increase with the growing volume. Such an increase is coming at a time when traders are tracking the ability of the asset to carry on with its momentum to the next areas of resistance.
Market Performance and Technical Overview
The recent action put ZEC above the support level of $471.83, which showed fresh vigor in its short-term structure. It is important to note that the action of the price was after a short pull back which caused the prices to stabilize at the mid-range of about $374.96, and subsequently triggered the breakout in addressing the resistance zone of about $545.62.
The present trading action indicates that bulls are protecting higher bottoms, which will be trading actively and having good buying pressure. Moreover, the 4-hour chart shows an absolute break of a tightened consolidation period.
The fact that the market is recovering after the zone of $448.98 supports the idea of the further growth of the general upward movement, and short-term traders seem to be concentrated on the price stability around $500. The breakout structure is not broken implying that the new gains were not accidental but they were part of a systematic accumulation process.
Short-Term Range and Market Implications
The price range of 24 hours between $471.83 and $545.62 indicates a widening price zone indicating high volatility as the market approaches the high limits. With the price clustering above the lower support, the market players are keenly observing the vigor of the next impulse to the region of $545. Maintaining the momentum at and above the present level might further boost the trust in the continuing rally.
Maintaining support above $471 could define short-term direction, while any breach beyond $545 may signal continued expansion in the upcoming sessions.
