What to know:
- Zcash (ZEC) records nearly 50% weekly gains, showing strong bullish momentum despite a short-term daily decline
- Price action indicates a bullish reversal with ZEC reclaiming key moving averages, though resistance remains near the 200-day MA
- Analysts expect potential continuation of the uptrend, with a possible breakout move toward the $500 price zone
Zcash (ZEC) is moving in a consolidation phase as the BTC price has stabilized after the recent rally. According to CoinMarketCap, the ZEC price has declined 3.63% over the last 24 hours, but it remains up by 49.66% over the last week.
At the time of writing, ZEC is trading at $362.43, with a trading volume of $498.36 million, which is stable over the last 24 hours. However, its market capitalization stands at $6.02 billion, which has declined by 3.52%.
Source: CoinMarketCap
Also Read: Zcash (ZEC) Bullish Setup Points to Potential Breakout Toward $750
ZEC Outperforms Weakness, Eyes Potential $500 Move
Furthermore, the crypto analyst Rendoshi revealed that ZEC is showing notable relative strength during a broader cryptocurrency market pullback, standing out as major assets weaken under selling pressure.
While Bitcoin and altcoins correct, ZEC continues to hold structure firmly, indicating steady demand. This divergence suggests accumulation, with buyers consistently defending dips and preventing deeper downside movement overall.
Source: Rendoshi’s X Post
Market watchers believe that there is scope for further upside action if the current level of support remains intact.
The technicals seem to be on the positive side, indicating the possibility of further legs higher. In case things continue to look up, ZEC may be getting ready to reach its target level at $500.
ZEC Technical Outlook Points to a Recovery Phase
According to TradingView, the ZEC pattern suggests a clear bullish trend since it managed to rise from its $200 base price level to hit the price mark at $362.20.
The bullish move is indicated by the coin breaking above all the 20, 50, and 100-day moving averages. At the moment, the price is fighting above the 200-day moving average.
Source: TradingView
Technical analysis indicates that the upward trend has become exhausted in the short term. This can be seen through the RSI, which is now at 72.95, entering the overbought zone, usually implying an impending reversal or consolidation period.
On the other hand, the MACD displays growing bullish power with increasing positive histogram readings.
Also Read: Zcash (ZEC) Price Eyes $440 Breakout as Bullish Momentum Strengthens
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