Zcash has risen significantly, increasing by 13% in the last 24 hours and is now approaching 500 USD.
This rise shows that confidence is increasing among holders and the technical support is becoming stronger. Unlike many other altcoins, ZEC maintains its strength despite market uncertainty.
Zcash holders seem to be changing their stance
Momentum indicators show that sentiment around Zcash is improving. The Relative Strength Index (RSI) has risen above neutral 50.0 and has thus entered the positive zone. This change places ZEC among the few altcoins that are now showing a strong upward trend.
An RSI above 50.0 shows that buyers are taking control. Therefore, Zcash may withstand short-term declines affecting the rest of the market. If momentum continues and many hold onto their ZEC, the trend could continue upwards.
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Macro indicators strengthen the picture that the situation is improving. Chaikin Money Flow is pointing upwards, indicating that large capital outflows are decreasing. Although the indicator is still below zero, the increase signals that selling pressure is diminishing.
As outflows decrease, it is important for recovery. If the market remains stable, reduced outflows may soon turn into inflows. Such a change would indicate that confidence is improving and provide the liquidity needed to maintain ZEC's positive trend.
The Zcash price is currently close to 438 USD, which means an increase of 13%. The price is now testing the resistance zone at 442 USD. It is important to clear this level to confirm continued upward movement.
Strong technical signals point to further upside. If momentum remains and capital flows are stable, ZEC could approach 500 USD. This only requires an increase of 13.8% from the current level, so the target is achievable if conditions are favorable.
Downside risk still exists if the resistance holds. If ZEC does not clear 442 USD or if sellers return, the price could fall back to support at 403 USD. If the price breaks below that level, the outlook becomes weaker and could lead to further declines towards 370 USD.
