coinjournal.net
Key takeaways
- $ZEC has outperformed other cryptocurrencies in the top 30, adding 5% to its value in the last 24 hours.
- The coin could rally above $300 as bullish momentum returns.
$ZEC outperforms the broader crypto market
$ZEC, the native coin of the Zcash ecosystem, is the best performer among the top 30 cryptocurrencies by market cap. Up 90% in the last seven days, the coin remains bullish despite the recent market crash.
The privacy-focused coin formed a four-year high of $298 on Saturday, recovering excellently from the crash to $149 recorded during Friday’s market crash. However, it has dipped since then and is currently trading at $249 per coin.
The Open Interest (OI), which has been on a decline over the past three days, is now recovering as retail interest in the coin resumes. $ZEC could target the $300 psychological mark over the next few hours or days as the bulls regain full momentum of the market.
$ZEC eyes the $300 psychological mark amid bullish momentum
The $ZEC/USD 4-hour chart is bullish and efficient as the coin has added 5% to its value in the last 24 hours. It has closed above the 61.8% Fibonacci retracement level of $235 and could be set to rally higher in the near term.
The technical indicators on the 4-hour chart remain bullish, suggesting that $ZEC could rally higher in the near term. The RSI of 52 shows that $ZEC is still not within the overbought region, indicating further room for growth. The MACD lines also flashed a buy signal following the recent dip.
$ZEC/USD 4H Chart">
By closing above the 61.8% Fibonacci retracement level at $235, $ZEC could bounce back to challenge the $300 resistance level over the next few hours. An extended rally would allow the coin to hit $320 for the first time since May 2021.
However, a bearish close below the $235 level over the next few hours could see the bears take the price to the $200 region. An extended bearish run would see $ZEC threaten the next major support level at $193.