Zcash (ZEC) Eyes $575 Short-Term Target with Rising Buying Pressure
- Zcash records a 48.74% weekly surge, reflecting strong market optimism.
- A whale wallet has secured $2.7 million in unrealized profit within three days.
- ZEC eyes $575 as the next short-term target amid sustained buying pressure.
Zcash (ZEC) continues its upward momentum as bullish sentiment fuels a strong price rally. The token has witnessed an impressive 15.53% surge in the past 24 hours, reflecting growing investor confidence. Over the last week, ZEC recorded a massive 48.74% increase, signaling heightened trading activity and renewed market optimism.
Currently, ZEC is trading at $528.95 with a 24-hour trading volume of $1.7 billion, marking a 2.27% rise within a day. Its market capitalization has also climbed to $8.6 billion, up by 15.56%. The steady gains suggest that buyers are dominating the market, positioning Zcash among the top-performing privacy-focused cryptocurrencies.
Also Read: Zcash (ZEC) Price Prediction: Strong Bullish Setup Points Toward $610 Rally
Zcash Whale Activity Sparks Investor Attention
A newly created wallet address (0x96ea) entered the Zcash market just three days ago and took an aggressive long position. The investor opened a massive position of 32,000 ZEC, worth approximately $16.3 million. This strategic entry came during a strong upward trend, showing the trader’s confidence in ZEC’s bullish momentum.
Currently, this wallet is observing an unrealized profit of approximately $2.7 million, marking a timely trade position because of market optimism. Otherwise, the trade liquidation price has been fixed at $373.13, providing sufficient leeway for the trader because of ZEC’s continuous progress above this price point. The reason behind this is the growing market optimism and potential institutional notice of Zcash’s price breakout above a certain threshold.
Technical Indicators Signal Further Upside Potential
Zcash (ZEC) is still demonstrating strong signs of being on a bullish trend following its recovery from the support point of $362. ZEC is still trading above the 20-period and 50-period MAs, thus indicating that there is a short-term bullish trend. However, mild selling pressure near the upper Bollinger Band at $542.69 suggests possible short-term consolidation or a minor pullback before the next breakout attempt.
The Bollinger Bands have widened, indicating that there is more volatility on ZEC. The upper band is at $542.69, and that is immediate resistance, while the middle one is at $452.58, offering dynamic support. If ZEC manages to stay above $520, then the target $575 may be seen, but failure of resistance could lead to a correction at $495 or $452.
The RSI is at 67.98; this market is near an overbought condition, and, likely, buying tensions may soon ease up. However, market momentum is still positive as there are continuously increasing highs and lows. Closing above $542 would be a sign of strengthening market trends, and breaking below $495 could lead to market behavior turning neutral.
Also Read: Zcash climbs to 8-year peak, surpasses Monero with $6.2B market cap
