The privacy token ZEC has emerged as one of today’s top performers, rising 16% in the last 24 hours to reach a nine-month peak at the time of writing.
This surge comes as the broader cryptocurrency market recovers after a quiet weekend. ZEC could continue to gain traction as traders shift back to altcoins exhibiting renewed momentum.
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ZEC Rally Gains Strength
Technical indicators indicate that ZEC’s rally might have more room for growth. For example, the current configuration of its Moving Average Convergence Divergence (MACD) indicator suggests that traders are more inclined to accumulate rather than distribute.
As of now, the MACD line (blue) is positioned above the signal line (orange), reflecting strong bullish influence.
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The MACD indicator identifies price trends and momentum of an asset. It assists traders in recognizing potential buy or sell signals through crossovers between the MACD and signal lines.
When the MACD line crosses above the signal line, it indicates strengthening buying momentum and bulls gaining control. Conversely, a crossover below the signal line is interpreted as a bearish signal, suggesting possible downside pressure.
For ZEC, the current MACD setup underscores the conviction behind its latest rally and supports the idea of continued gains if bullish sentiment persists.
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Moreover, ZEC’s Aroon Up Line has reached 100%, a level indicative of a strong and dominant upward trend.
The Aroon indicator assesses the strength and direction of a trend by evaluating the time since an asset’s recent highs (Aroon Up) and lows (Aroon Down). When an asset’s Aroon Up Line is rising, it indicates that its price is consistently achieving new highs, thereby strengthening bullish momentum and confirming the likelihood of a sustained uptrend.
This is applicable to ZEC, which is trading at levels last seen in December 2024, experiencing robust bullish support, potentially fueling further advances.
Zcash Trades Near Breakout Zone
At present, the altcoin is priced at $63.92, hovering just below the resistance level of $68.04. If buying pressure remains strong, ZEC could surpass this resistance, convert it into a support level, and rise towards $79.33.
However, a surge in profit-taking could disrupt this optimistic outlook. Should selling pressure resume, ZEC may forfeit its recent gains and drop below the support level at $61.06.
