What to know:
- Zcash is trading around the $513.15 level, having traded $1.37 billion worth of assets during the day while having a market capitalization near $8.56 billion.
- ZEC is seen with a bullish structural set-up as it reclaims VWAP and breaks through the 1.272 Fibonacci extension.
- A retrace into the discount zone could signal accumulation, to breach the $650 mark, and invalidation coming below the $294 level.
Zcash price has strengthened its short-term structure after breaking out of a prolonged consolidation phase, with buyers gradually regaining control. Zcash (ZEC) trend reflects improving momentum supported by rising trading activity and a shift toward bullish market behavior, signaling potential continuation in the current uptrend.
Currently, the Zcash price is trading near the $517.12 level, which shows a 4.00% increase in price compared to the previous trading period. ZEC is recording high daily trading volumes of over $1.37 billion and currently has a market capitalization near the $8.56 billion level, accounting for 0.33% of the cryptocurrency market.
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Zcash Price Invalid Below $294 Level
A recent post shared by Crypto Patel on X highlights a bullish technical setup forming in Zcash, suggesting the asset may be positioned for a potential upward continuation. According to the analysis, ZEC has reacted strongly from a weekly fair value gap, followed by a market structure shift (MSS) that confirms a possible reversal in trend.
In addition, the Zcash price seems to be in a retracement phase, moving towards the order flow or the discount zone, which means buyers are likely accumulating the asset. Moreover, the analysis has spotted high-time frame liquidity above current levels and upside targets around $643 and $750 if the bullish setup persists.
However, the setup carries a defined invalidation level at a daily close below $294, which would negate the current bullish outlook for the Zcash price. Overall, the analysis suggests that ZEC may remain biased to the upside, but only if price confirms support within the retracement zone and maintains structural strength.
ZEC Reclaims Bullish Momentum
ZEC price continues to exhibit a bullish trend as it recovers from a flat correction that has been taking place for the past week. The latest developments indicate the emergence of renewed bullish momentum amid increasing buying activities.
A key technical development is the reclaiming of a significant VWAP zone, which often acts as a dynamic support and trend-defining level. Moreover, the ZEC price has breached the 1.272 Fibonacci extension of the prior A-B wave, which means further continuation potential should be observed.
If the current bullish setup remains intact, market conditions suggest the possibility of further upside momentum in the near term. The next target for buyers appears to be near the $650 price region, as long as the price stays above the VWAP zone.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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