Despite a generally bearish market trend across the wider cryptocurrency market, Zcash (ZEC) has recently demonstrated significant bullish momentum, drawing considerable attention from traders and analysts. This analysis delves into ZEC's recent price performance and outlines key resistance and support levels that could dictate its short-term and midterm trajectory.
Immediate Price Action and Short-Term Outlook
ZEC has experienced a notable surge, rocketing by almost 10% within the last 24 hours, signaling a strong influx of buying pressure. On the hourly chart, the cryptocurrency initially made a false breakout above the local resistance level of $706. However, a crucial indicator for continued upward movement would be a daily candle close near this mark, which could subsequently propel ZEC towards the $720-$730 price range.
Broader Timeframe and All-Time High Potential
Examining the larger time frames reveals an even more optimistic outlook for ZEC, with the overall sentiment leaning bullish. A successful and sustained breakout above the significant $750 resistance level could unleash considerable accumulated energy, potentially driving the price upwards to challenge the $800 zone. From a midterm perspective, the closure of the weekly candle will be a critical factor. Should bulls maintain their current initiative and control, there is a tangible possibility for ZEC to test, and perhaps even establish, a new all-time high by the end of the current month, building upon its current trading price of approximately $703.53.
