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- ZEC has risen by 12% in the last 24 hours, making it the second best performing of the ten.
- The stock may cross the $700 mark soon.
ZEC is rallying as the broader crypto market slows
ZEC, a coin based on the Zcash ecosystem, has risen by 12% in the last 24 hours, making it the second best performer among the top 20 cryptocurrencies on the market.
The rally has allowed ZEC to hit $692 earlier today, adding 26% to its market share so far this week.
ZEC’s meeting in the past few days has come as ZCash’s regulations continue to improve following the announcement by the US Securities and Exchange Commission to close its investigation into the Zcash Foundation.
The Zcash Foundation reported that it has approximately $36.7 million in assets, mostly in ZEC, as of Q1. Technical development continues on the Zcash protocol despite the organizational change at the Electric Coin Company.
Technical outlook for Zcash: ZEC looks for strong levels above $700
The ZEC/USD 4-hour chart is at an all-time high as Zcash has only beaten Hyperliquid over the past seven days.
At the time of press, ZEC is trading at $655 after hitting the $692 level. The bullish signals are very high, which means that buyers are in full force.
An RSI of 70 means that ZEC is now in overbought territory. The money can be fixed, but the current power is still there. The MACD lines are also within the overbought zone.
If the rally continues, ZEC could extend its gains above $700 and hit the resistance level of $745 for the first time since November. The extended meeting will allow ZEC to meet the $800 target.
However, if the market corrects, ZEC may retest the $580 low made on Wednesday.
A failure to protect this support area could suggest ZEC to lower the key areas around $485.
