Key takeaways
- ZEC gained 12% in the last 24 hours, ranking as the second-best performer among the top 20 cryptocurrencies by market capitalization.
- The coin could push past the $700 level in the near term if current momentum continues.
ZEC rallies while broader crypto market lags
ZEC, the native token of the Zcash ecosystem, has rallied strongly, climbing 12% in the past 24 hours and outpacing most major cryptocurrencies. The move has put ZEC among the top gainers within the top 20 by market cap.
Earlier today the token reached $692, and its market capitalization has increased roughly 26% so far this week. This momentum follows improved regulatory clarity after the U.S. Securities and Exchange Commission closed its inquiry into the Zcash Foundation.
The Zcash Foundation reported about $36.7 million in liquid assets in its Q1 update, largely held in ZEC. Meanwhile, core protocol development continues despite organizational shifts at the Electric Coin Company, supporting confidence in the project’s technical roadmap.
Technical outlook: ZEC targets resistance above $700
On the ZEC/USD 4-hour chart, technical indicators are showing strong bullish signals. Over the past week only a few assets have outperformed ZEC, highlighting the token’s recent strength.
At the time of writing, ZEC is trading around $655 after its high near $692. Momentum indicators point to buyer dominance: the relative strength index (RSI) sits near 70, placing the token in overbought territory, and the MACD lines also reflect strong upward pressure.
An ongoing rally could drive ZEC above the $700 mark and toward the $745 resistance level, a price not seen since last November. If bullish momentum extends further, the token could test the psychological $800 level.
On the other hand, a market pullback could prompt ZEC to retest support near $580, the low established on Wednesday. If that level fails to hold, lower demand zones around $485 could come into play, increasing downside risk.