In the past few days, ZEC has once again become the focus of the cryptocurrency community, making a strong push to break through the key resistance level of $480 that has been stuck for several months. This resistance level is the upper boundary of the symmetrical triangle formed by its price trend, and whether it can break through will have a significant impact on its future rise or fall.
Currently, the price of ZEC is about $458, having risen by 11% in the past 24 hours and 18% over the week. Although it has dropped by 27% in the past month, it has rebounded sharply in the last few days. Over the past seven days, its price has fluctuated between $306 and $420, and the market has entered a relatively stable phase, waiting for a breakthrough.
Moreover, the trading volume suddenly increased significantly, providing strong support for this breakthrough. The 24-hour trading volume for spot trading reached 1.28 billion USD, the futures trading volume rose to 5.5 billion USD, and the open contracts increased to 895 million USD. With so much money flowing in, it indicates that many traders are actively buying and selling, trying to seize this opportunity to make a profit.
Recently, the concept of privacy coins has become popular again, which has also benefited ZEC. Currently, the usage rate of ZEC's shielded pool has reached 30% of its total supply. Moreover, it has just experienced a 'halving,' resulting in a decreased quantity produced, making it even scarcer in the market. A major cryptocurrency exchange (CEX) has launched ZEC spot trading, and the French bank BPCE has added ZEC to the application used by its customers, which has attracted the attention of many institutions. However, different regions have varying attitudes towards ZEC; in South Korea, due to regulatory requirements, ZEC has been delisted from trading platforms.
The institution's support for ZEC is also substantial. There is an organization called Cypherpunk Technologies, which specifically allocated 100 million USD to buy ZEC, and now holds over 200,000 ZEC. They plan to continue buying until they account for 5% of the total ZEC supply. Another organization called Grayscale has applied to convert the ZEC trust into an ETF, and this news has also boosted everyone's confidence in ZEC.
From a technical perspective, the price trend of ZEC has formed a symmetrical triangle shape, and the price is now close to the resistance level of 420 USD. Although it briefly broke through this resistance level this week, it couldn't hold and fell back down. When the price is stuck in this range, the trading volume decreased, and an indicator called RSI has gradually risen from the oversold point (when the price dropped too much) to around 40, indicating that the price has initially stabilized. However, to say that the price will continue to rise, we still need to wait and see.
I think ZEC has now reached a critical moment. If its daily price can close above the trend line, the price could potentially rise to the range of 460 USD to 500 USD; however, if the price falls below the rising support line, it may retrace to 350 USD or even drop to 300 USD.
In December, whether ZEC can break through the 420 USD barrier is worth everyone's attention. Are you stuck? When to add positions for a dip? Feeling lost and don't know what to do? Follow me, and the chat room will give you ideas.#美联储降息 #美联储FOMC会议
