Key Takeaways
- ZEC has outperformed other cryptocurrencies inside the top 30, gaining 5% in the past 24 hours.
- The coin could push above $300 if bullish momentum returns.
ZEC outperforms the broader crypto market
ZEC, the native token of the Zcash ecosystem, has been the best performer among the top 30 cryptocurrencies by market capitalization. With a 90% increase over the past seven days, the coin remains in a bullish posture despite a recent market pullback.
The privacy-focused token reached a four-year high of $298 on Saturday and recovered strongly from a low of $149 recorded during Friday’s market crash. Following that rebound, it has moderated and is currently trading around $249 per coin.
Open interest, which dipped over the last three days, is now showing signs of recovery as retail interest in the token resumes. If buyers can reclaim full market momentum, ZEC could target the psychological $300 level in the coming hours or days.
ZEC eyes the $300 psychological level amid bullish momentum
The ZEC/USD 4-hour chart looks bullish and orderly after the coin added 5% in the last 24 hours. ZEC closed above the 61.8% Fibonacci retracement level at $235, opening the door for further short-term upside.
Technical indicators on the 4-hour timeframe remain supportive of higher prices. The RSI sits at 52, indicating the token is not yet in overbought territory and still has room to run. The MACD lines flashed a buy signal following the recent dip, reinforcing the bullish outlook.
Having closed above the 61.8% Fibonacci retracement at $235, ZEC could bounce toward the $300 resistance level in the near term. If a sustained rally follows, the token may revisit $320 for the first time since May 2021.
Conversely, a bearish close below $235 in the coming hours could allow sellers to push the price down toward the $200 region. In a prolonged downturn, ZEC could then test the next major support near $193.