Zcash Price Soars 5%; ZEC Eyes for Two-Level Breakout

On April 7, the Zcash price once again spiked by 5% on the daily chart, soaring against the trend of the crypto market’s downfall. 

At the time of writing this, the leading privacy coin, ZEC, is hovering around $269.66 with a spike of 5.13%, with a market capitalization of $4.48 billion, according to CoinMarketCap. The daily trading volume currently revolves around $459.31 million. 

Zcash Price Breaks the Descending Trendline

The ZEC price is showing signs of a potential two-level breakout in the current market. The price is now entering into the red supply zone around $270 after finally breaking above the descending trendline that has been capping rallies since January. 

A strong close above this area would confirm a double breakout. This will clear both horizontal resistance and the trendline. This makes such a level very important for traders watching the chart. 

(Source: CoinMarketCap Community)

On top of that, the ZEC price is back above the daily 50 EMA shown in the blue for the first time since losing it near $460. That makes the first real sign of momentum. If this breakout holds, a move toward $300 could be the next target. 

While the majority of the crypto sector is facing a consolidation zone, the Zcash price did not wait for any confirmation and simply moved higher on its own. The breakout has already played out clearly with a strong momentum from support levels and a clean bullish structure that continues to hold. 

The chart is showing higher lows forming along with steady momentum. It means that buyers are in full control at this moment. If the price keeps holding above the middle zone, more upside remains open for the coming days. The current direction is clearly bullish. 

For traders looking to enter positions, the suggested entry zone sits between $260 and $268, but only on dips. The stop loss should be placed at $238 to manage risk. The Zcash price targets are set at three levels, with the first taking profit at $282, the second at $295, and the third at $310.

According to TradingView, the Relative Strength Index on the daily chart is revolving around 63, which suggests healthy buying pressure without entering overbought territory. The Moving Average Convergence Divergence is giving a positive signal as the graph expands and the lines cross upward. Most major moving averages, including the 50-day and 200-day simple moving averages, now sit below the currency price. This confirms an upward trend. 

There is immediate support at around $249 and resistance around $290 based on recent important levels. The Zcash price has broken above a multi-month descending trendline. This generally suggests more gains. Bollinger Bands have started to expand. This suggests sustained volatility that could support additional upside if volume remains elevated.

Macroeconomic conditions have also supported the selective strength in privacy coins like Zcash. The broader cryptocurrency market, including Bitcoin, has shown mixed performance, with many assets trading flat or slightly lower amid ongoing uncertainty around global interest rates and geopolitical developments. 

In recent months, the demand for privacy coins has soared impressively as investors are looking for more privacy in financial transactions in the digital asset world. This has benefited privacy coins like ZEC.

Also Read: Bitcoin Cash Price Defies Crypto Market Rally With Bearish Divergence