Key takeaways
ZEC is the very best performer among the many high 30 cryptocurrencies by market cap, up 12% within the final 24 hours.
The coin is now buying and selling above $350 and will rally larger within the close to time period.
ZEC surges above $350 as rally continues
ZEC, the native coin of the ZCash ecosystem, has continued its rally, up 12% within the final 24 hours. The rally comes after the coin added 380% to its worth within the final 30 days, outperforming different main cryptocurrencies.
The constructive efficiency comes after Solana, the world’s second-largest sensible contract platform, launched wrapped ZEC by way of the Zolana bridge. The wrapped tokens operate as normal Solana Program Library (SPL) tokens. Therefore, they don’t provide the privateness protections inherent to native Zcash.
Moreover, they’re backed 1:1 by native ZEC however don’t conceal balances or transaction information.
ZEC targets $400 as bullish pattern continues
The ZEC/USD 4-hour chart is bullish and environment friendly because of the coin’s ongoing rally. The technical indicators are bullish, suggesting that consumers are at present in management. The bullish pattern might see ZEC’s worth surge larger within the close to time period.
The Relative Energy Index (RSI) of 67 exhibits a bullish bias, with the consumers at present in management. The MACD traces are additionally inside the constructive area, suggesting that the value might surge larger within the close to time period.
If the bullish pattern continues, ZEC might rally in direction of the $400 degree over the subsequent few hours or days. An prolonged bullish run would enable ZEC to hit a multi-year excessive of $500 within the coming days or perhaps weeks.
Nonetheless, if ZEC faces a correction following its current run, it might retrace to the ILQ at $318 over the subsequent few hours. Additional downtrend might see ZEC drop to the most important assist and TLQ degree at $235. This assist degree will seemingly maintain within the medium time period, permitting ZEC to construct on its current run.
