- The coin $ZEC experienced a strong increase of 12.48% over the past 24 hours, raising its price to $52.24. This rise was a result of strong buying flows, raising the market cap to $865.42 million, with an increase of 11.04%. The daily trading volume was approximately $85.98 million, showing a significant increase of 12.39%, bringing the trading rate to market cap closer to the 10% threshold.
The circulating supply and fundamental indicators remain stable with a circulating supply of 16.65 million $ZEC , which is very close to the total supply of 16.71 million. On the other hand, the fully diluted market cap (FDV) reached $1.09 billion, with the number of coin holders reaching 10.87 thousand users. Zcash currently ranks 79th globally in terms of market cap, supported by renewed investor interest and increased demand.
Will the rise $ZEC continue? The daily chart of the coin shows clear momentum. The $45 level is a strong support area, while the $55 level forms immediate resistance. If the resistance is broken, the price may extend towards $60. However, if there is a decline below the $45 level, the price may return to test support at $40.
Positive technical indicators support the bullish trend
The Relative Strength Index (RSI) is at 61.76, while its moving average is at 65.78, indicating a relative slowdown in momentum, but it is still positive. If the RSI exceeds the level of 70, profit-taking may begin.
The Chaikin Money Flow (CMF) indicator recorded 0.13, indicating continued capital inflow towards ZEC and maintaining investor confidence. As long as this indicator remains above 0.1, the chances of an upward movement remain.
Candlestick patterns indicate strong bullish formations, with a continuous daily green close. The short-term moving average is below the price, reinforcing its support for the current price.
The potential scenarios in case buyers manage to break the resistance of $55, the next target could reach $60. However, if the price fails and settles below the moving average, it may retest support levels between $45 and $40. However, the overall outlook remains positive thanks to technical indicators that favor buyers.
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