Zcash has risen by 13% over the past 24 hours, approaching the $500 level.
This surge reflects improved confidence among holders and technical momentum. Unlike many altcoins, ZEC has shown relatively strong performance despite the overall market uncertainty.
Zcash holders, change of attitude?
The momentum indicators show an improvement in the sentiment for Zcash. The Relative Strength Index (RSI) has crossed above the neutral line of 50.0, entering an upward trend. This change has placed ZEC among the few altcoins currently showing strong bullish momentum.
When the RSI exceeds 50.0, it means that buyers have taken the lead. This position helps Zcash withstand the overall short-term downward pressure in the market. Strong momentum indicators increase the likelihood of the trend continuing when holders maintain demand.
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Macroeconomic indicators also support a positive outlook. The Chaikin Money Flow (CMF) is gradually showing an upward trend, indicating that capital outflow is slowing down. Although this indicator remains below 0, a directional shift suggests that selling pressure is weakening.
A decrease in outflow is an important signal in the recovery phase. If market conditions remain stable, a reduction in capital outflow could soon turn into a net inflow. Such a change reaffirms the recovery of confidence and can provide the liquidity needed to sustain Zcash (ZEC)'s upward trend.
At the time of writing, the price of Zcash (ZEC) is approximately $438, having risen 13% in one day. The price is now testing the $442 resistance level. If this level is broken, we can confirm the continuity of the current rally.
Positive technical signals support further increases. If momentum indicators remain positive and capital flows stabilize, ZEC could rise to $500. This is achievable with just a 13.8% increase from the current price, making it technically feasible under good market conditions.
If the resistance level is maintained, there is a risk of decline. If it fails to break through $442 or if selling pressure strengthens again, the ZEC price could be pulled back to the support level of $403. A decline in this range weakens the bullish outlook, and there is an additional risk of falling to $370.
