Zcash looks bullish, but ZEC’s downside risk remains below $300

Zcash [ZEC] has climbed over 7.85% up to now 24 hours, bringing its complete positive aspects to greater than 42.50% over the previous 30 days. Buying and selling round $340 at press time, ZEC has efficiently retested the important thing $300 resistance stage, which was damaged on the eighth of April.

Zcash eyes a possible 17% upside rally

Trying on the every day chart of ZEC, the bias seems bullish. Following the breakout of the important thing resistance at $300, the asset climbed notably and reached the $393 stage. 

Nonetheless, it later confronted a correction and fell again to the breakout space whereas forming a descending trendline. ZEC has damaged out of that trendline, suggesting that it might have opened the door for an extra upside rally.

Based mostly on the present worth motion, if ZEC stays above the $300 stage, there’s a excessive chance that it might see one other 17% bounce, reaching the $402 stage within the coming days.

Nonetheless, this bullish thesis will solely be validated if the value stays above the $300 stage. If the value falls beneath $300, it might flip bearish and decline notably within the coming days.

On the similar time, the Common Directional Index (ADX), which measures pattern energy, has reached 32.53, indicating that the asset has robust directional momentum.

In the meantime, the Relative Energy Index (RSI) is at 60.23, remaining beneath the overbought territory, suggesting that ZEC nonetheless has room to proceed its upward momentum within the coming days.

ZEC itemizing and rising demand strengthen bullish outlook

Along with all this, rising demand from the highest 100 ZEC addresses and its current itemizing on Robinhood have additional strengthened the asset’s bullish outlook.

Analytics platform Nansen studies that the highest 100 ZEC addresses have elevated their holdings by 6.73% over the previous week. This means rising demand from long-term holders, which might probably push the value increased.

In the meantime, ZEC’s current itemizing on Robinhood has opened the door for broader retail participation and elevated market liquidity.

Last Abstract

• Zcash’s 7.85% acquire has opened the door for a possible 17% upside rally, however provided that the value stays above $300.
• The highest 100 addresses have elevated their holdings by 6.73% over the previous week, hinting at rising demand amongst long-term holders.