Zcash price has moved steadily upward in recent sessions, as the privacy-focused cryptocurrency attempts to break out from a clear bullish pattern. Zcash is approaching a critical turning point that could unleash further upside.
Investor optimism and favorable conditions in the broader market strengthen expectations of an imminent breakout upward.
Zcash holders show strength
Large Zcash holders are showing increasing optimism as the price approaches key resistance levels. Data shows that the 100 largest ZEC holders increased their total balances by 1.11% over the last 24 hours. Although the increase is modest, this accumulation indicates belief in further gains rather than taking quick profits.
This behavior suggests conviction among Zcash holders. Whale wallets tend to accumulate during consolidation phases when they expect growth. Their continued support suggests expectations of higher prices and reduced downside, reinforcing bullish sentiment.
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Technical indicators support the constructive view. MACD has shown strong bullish signals over the past two weeks, reflecting persistent positive momentum. This consistency indicates a strong trend rather than a short-term rise, reducing the likelihood of sudden reversals under current conditions.
Larger macro trends also support ZEC price stability. Bitcoin remains near $ 88,000, providing a solid foundation for altcoins. At the same time, Nasdaq and S&P 500 show mild bullish signals. This alignment promotes risk appetite across digital assets, benefiting Zcash.
ZEC price traded near $ 444 at the time of writing, moving in an ascending triangle pattern. This pattern often comes just before further gains. A confirmed breakout could trigger a movement of nearly 49%, in line with the pattern's projected target.
Having $ 442 become a lasting support level is crucial. A clear break above $ 500 will confirm the breakout and validate bullish positioning. Given supportive technical signals and investor behavior, Zcash could realistically break above $ 500 before the start of next year.
However, there is a risk if the momentum weakens. If resistance is not broken, ZEC may continue to trade sideways between $ 442 and $ 403. A drop below $ 403 will quickly change the sentiment. In that case, the price could fall towards $ 340, which would invalidate the bullish scenario and increase downside exposure.
