Key takeaways:
Zcash (ZEC) has been enlarged by more than 520% in the last month, even Defying the wider crypto sell-off That wiped $ 20 billion in leveraged positions over the weekend.
The Surge of Privacy Coin This was brought within a remarkable distance of $ 300 level, a price not seen since December 2021, positioning the ZEC in market standout performers.
Can ZEC price rise from its current levels, or overdue a cooldown?
ZEC Technical Hint at another 25% rally
Zcash’s fireworks appears to be integration -including a classic bull flag pattern, a continuation of the prejudice that is usually preceded by another higher leg.
The latest candle in the 4 -hour chart is formed by a grain Doji Near the resistance to the upper trendline, suggesting a possible short -term pullback toward the lower flag border around $ 237.
However, ZEC can confirm a bullish breakout if consumers push the price above the upper trend of the flag. Such a move will establish a technical price target for October near $ 336, approximately 25% higher than current levels.
Setup is further aligned with healthy aggregation above 20-period (green) and 50-per-period (red) exponential transfer of averages (EMA), indicating that the wider bullish momentum remains intact despite the signs of short-term over heating.
The Bearish scenario includes $ 210 ZEC price
The ZEC price that drops between the supports, that is, the lower trend of the flag and the 20-per-period EMA, increases the odds of a denial towards 50-time EMA around $ 210.75 in October.
Extremely $ 5.36 million in combined -long -term stacked near the $ 244 level makes it a major risk zone for bulls, as shown by the coinglass chart below.
ZEC’s denial below $ 244 threshold risks that motivate a cascade of forced long abstinence, deepening the pullback before any potential rebound.
In simple terms, where many disappearances of entrepreneurs, or extermination points, are waiting to be triggered, which can send ZEC prices to the target of $ 210.75 highlighted above.
ZEC hits the record levels of “overbought”
The bearish case is also leaning against Zcash that reaches the most essential level in the weekly chart, which can lead to a short-term pullback in future weeks.
Like Monday, the weekly relative -child of Kamag -child -child of ZEC (RSI) stand above 92, its highest level in the record.
The previous Peak RSI was 78 in April 2021, and ZEC prices dropped nearly 70% over the next few months.
A similar cooling-off phase can be observed, especially if the price fails to establish stable support near the 0.786 fib retracement level at $ 245.
On the other hand, a bounce from $ 245 support can send price rallying to $ 307, or higher, to assess the height of ZEC’s 2021 at around $ 375.
Related: EU to inhibit unidentified crypto accounts and privacy coins by 2027
Analyst Altcoin Sherpa Says That any denial towards $ 200 may be a “buy,” suggesting that lower levels can be formed under the next few days.
“I will be interested in around $ 230 or less if it comes,” he added.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
