The Surge of Zcash (ZEC) Price and Its Implications
A Closer Look at the Recent Zcash Price Movement
Over the past 30 days, the price of Zcash (ZEC) has experienced a significant uptrend, recording a remarkable 90% increase. This surge has positioned ZEC among the top three altcoins, currently trading at $41.36. However, underlying factors suggest that this remarkable momentum may not be sustainable in the long run.
Analyzing the Storm in the Zcash Stellar Rally
On July 12, Zcash was priced at around $23.81, nearly double its previous value. Besides the price surge, the market capitalization of ZEC has also witnessed a substantial increase. The coin’s market cap soared from $366.68 million to $625.72 million, highlighting the role of price appreciation in driving this growth.
Despite the positive price movement, Zcash’s transaction volume has shown a decline. While the cryptocurrency’s transaction volume exceeded $145 million on August 10, it has since dropped by 44.99% to $79.66 million. This downward trend in volume could potentially impact ZEC’s price trajectory in the near term.
Forecasting Zcash Price Trends: Rise and Potential Pullback
Zcash’s price surged from under $18 to $34.75 in July before experiencing fluctuations and reaching a recent high of $42.97. The relative strength index (RSI) currently stands at 77.02, indicating potential overbought conditions.
Based on Fibonacci retracements, the price of ZEC could retreat to $37.18 in the short term before potentially bouncing back. A break above $42.97 could signal further gains, especially with increased buying pressure. However, sustained price appreciation may be challenged if the trading volume continues to decline.
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