Cryptocurrency enthusiasts and traders have recently turned their attention to ZCash (ZEC) as the digital asset experiences a notable surge. With ZEC rallying by 30.8% since its listing on the popular crypto exchange Bitget on December 3rd, market watchers are asking: is $480 the next target?
ZCash Rally Gains Steam Despite Criticism
Starting at $312.8 and climbing to $409.2, ZCash has seen rapid price action, breaking the psychological $400 level. Analysts suggest that $360 serves as a crucial support zone, which has held steady during the rally. While some critics label the upswing as “coordinated,” traders are more focused on the opportunities for profit, leaning into the volatility that crypto markets are known for.
Analyzing Price Action and Market Trends
From a technical perspective, ZCash shows bullish momentum across various timeframes. On the daily chart, the swing structure and internal price patterns have flipped bullish. Recent imbalances in the $395–$425 range have now been filled, paving the way for further upward movement. However, indicators reveal mixed demand signals. The Chaikin Money Flow (CMF) sits at -0.25, reflecting selling pressure, while the Money Flow Index (MFI) hovers below 50, highlighting weak capital inflows.
Traders are paying close attention to volume trends as insufficient demand could lead to price consolidation at current levels. Conversely, strong momentum and capital inflows seen on the 1-hour timeframe create optimism for short-term gains.
Key Price Levels to Watch
Short-term analysis highlights the $382 to $395 range as a critical demand pocket. A breakdown below this zone would likely trigger a decline toward $330–$350. On the other hand, a rally past $425 could open the path toward ZCash’s next target of $480. Beyond that, bullish traders are eyeing ambitious milestones at $550 and $610.
For traders looking to go long, the bearish scenario at $380 acts as the invalidation point. Stops can be placed just below this level, with upward targets set at $480 and beyond.
Stay Updated on Cryptocurrency Market Trends
As the crypto space remains highly volatile and dynamic, ZCash’s price movements reflect opportunities for traders and investors alike. For those interested in deepening their trading skills, tools like Ledger Nano Wallet can provide a secure way to manage crypto assets. Explore their latest products for improved portfolio safety.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
