Key Points
- ZEC outperformed other top-30 cryptocurrencies, rising about 5% over the past 24 hours.
- The coin could surge past $300 if bullish momentum fully returns.
ZEC Outperforms the Broader Crypto Market
ZEC, the native token of the Zcash ecosystem, has emerged as one of the best-performing assets among the top 30 cryptocurrencies by market capitalization. The coin surged roughly 90% over the last seven days, maintaining an impressive uptrend even as the wider market experienced a recent pullback.
The privacy-focused token reached a four-year high of $298 on Saturday, recovering strongly from a temporary plunge to $149 during a market-wide sell-off the prior Friday. Since that intraday high, the price has eased and is currently trading around $249 per coin.
Open interest, which declined over the past three days, is now showing signs of recovery as retail traders return to the market. With bullish momentum rebuilding, ZEC could target the psychological $300 level within hours or days if the rally continues to gather steam.
ZEC Eyes the $300 Psychological Level Amid Renewed Bullish Momentum
The ZEC/USD 4-hour chart exhibits a bullish bias and solid performance, with the token up roughly 5% in the last 24 hours. Price has closed above the 61.8% Fibonacci retracement level at $235, positioning ZEC for a potential extension higher in the near term.
Technical indicators on the 4-hour timeframe remain supportive of further gains. The RSI sits near 52, indicating the token is not yet overbought and suggesting room for additional upside. The MACD has also produced a bullish signal following the recent dip, reinforcing the short-term positive outlook.
A decisive close above the 61.8% Fibonacci level at $235 could allow ZEC to rebound toward the next resistance around $300 within the coming hours. A sustained rally might push the coin to $320, a level it has not reclaimed since May 2021.
Conversely, a bearish close below $235 in the near term could reopen downside toward the $200 area. A prolonged sell-off would put the next key support near $193 at risk, intensifying downward pressure on price.