ZCash (ZEC) has recorded an impressive 24.36% increase over the past 24 hours. According to data from CoinMarketCap, ZEC’s daily trading volume has also surged by 71%, reaching $491.38 million.
Is this just a weekend fakeout, or the beginning of a new upward trend?
Long-term trend analysis of ZEC
According to a report from Coinphoton last week, the possibility of ZEC’s price correcting back to the imbalance zone of $80-$115 was predicted. Fair value gaps often act as magnets for price, while the round $200 level is considered a strong support zone.
In reality, this assessment has proven correct. Specifically, ZEC’s latest rebound started from $184 — an important Fibonacci retracement level on the weekly chart.
Source: TradingViewOn the weekly timeframe, the price structure remains in an uptrend. The 78.6% retracement level is at $187.89, and after testing this support zone, ZEC rebounded strongly, gaining 55.29% in just 8 days.
Can ZEC undergo a correction?
The overall market sentiment is currently dominated by caution. Bitcoin (BTC) has fallen below $70,000 and has struggled to regain this level over the past week, increasing the likelihood that the downtrend will continue.
However, short positions liquidated at Bitcoin’s current price could provide some upward momentum, giving a “breather” for altcoins. This could support ZEC, especially as it maintains a solid support structure after reaching multi-year highs in 2025.
Source: TradingViewLooking at the daily chart, the $300 resistance is not a major barrier that investors need to worry about. During the previous retracement, the $365-$450 zone saw two order blocks, forming a basis for a further downtrend. Therefore, these areas could become supply zones, hindering future price increases.
Trader advice: Wait for the right moment
Technical indicators on the daily timeframe currently show neutral or negative signals. The A/D volume indicator indicates no strong buying pressure, the MFI is at 52 — a neutral level, and the Awesome Oscillator remains below zero.
Although bullish momentum is gradually forming, buying demand is not yet strong enough to trigger a significant breakout.
In this context, cautious investors should consider waiting for clearer signals of buying pressure before entering the market. A more reliable signal may appear when ZEC surpasses and sustains above the $400 supply zone.
Mr. Giao
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