What to know:
- ZEC price analysis shows $650 support holding as traders watch $700 and $750.
- Zcash trades near $671.86 after gaining 28.28% over the past seven days.
- Analysts say ZEC must clear $750 and retest it as support before continuation.
ZEC price analysis shows Zcash holding above a key breakout zone on Monday, May 25, as buyers defend short-term support. Analysts say the current structure remains bullish while traders watch whether momentum can extend toward the next major resistance area.
As of writing, Zcash (ZEC) is trading at $671.86, marking a 1.77% uptick in the past 24 hours. The 24-hour trading volume has gone up by 7.38% and is currently standing at $900.1 million. Over the last week, the ZEC coin price has increased by 28.28%, according to CoinMarketCap.
Also Read: XRP Capital Expansion Signals Explosive $20 Potential
ZEC Price Analysis Points to Bullish Retest Above $650
The ZEC price analysis now focuses on the $650 level. Crypto analyst Team LAMBO highlighted that the breakout was validated when ZEC recaptured that resistance zone.
ZEC then rallied to a local high around $687, the analyst added. The token later entered consolidation while still holding above the breakout level.
That hold is still significant for the short-term set-up. The analyst pointed out that the former resistance is now support in the four-hour chart.
The analyst also indicated a sweep of liquidity into demand. A fair value gap reaction created a bullish retest prior to the continuation move.
The ZEC price analysis indicates that the bull market formation has been intact as the price rallies above $650. According to the analyst, the first higher time frame target is at $700.
There is a higher expansion target close to $775. However, that move would require buyers to keep control above the reclaimed support area.
ZEC Bulls Face Major Test Near $750 Resistance
Moreover, another analyst, Nordin, pointed out the recent strength of ZEC. He mentioned that ZEC is up 268% from the February low, while the market has been weak.
The token is now moving towards the major $750 zone, the analyst added. He said that is an important barrier on the path to potential price discovery.
ZEC price analysis shows that $750 remains the main level for traders. If it breaks out to the upside, the historical supply pressure may be reduced.
However, Nordin warned against buying directly into resistance. He said that approach can expose traders to exit liquidity during failed breakout attempts.
He said the cleaner setup would be a break above $750. After that, traders would watch for a retest of the level as support before continuation.
Open Interest Rises as ZEC Futures Volume Slips
Derivatives data showed mixed activity. According to CoinGlass data, the futures volume decreased by 5.05% to $4.04 billion, while the open interest grew by 7.46% to $1.74 billion. The ZEC OI-weighted funding rate stood at 0.0032%.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Zcash Price Eyes Explosive 8% Weekly Surge
Be the first to comment