Zcash (ZEC) price surged significantly on February 15, climbing above $300 as renewed buying momentum pushed the privacy-focused cryptocurrency into a major resistance zone.
According to CoinMarketCap, Zcash is trading at $309.78 with a massive volume of over $2.24 billion in the last 24 hours. The price surged significantly, reaching a market capitalization of over $5.1 billion. The price surged significantly in recent times, reaching over 80% in the last trading sessions.
Zcash Eyes $450 After Breaking Key Barrier
According to a recent post by crypto analyst Ardi, the ZEC price has surged significantly in recent times, reaching over 80% in the last trading sessions. The analyst noted that price action is unfolding as expected, with ZEC approaching a critical level that could determine its next broader trend direction.
If bulls manage to turn this resistance into support, it would be a shift to a green local trend, as ZEC traded near $450 in its prior cycle. However, failure to close above this zone would be yet another macro low high, further confirming the downtrend and indicating that this recent rally is likely to be sold into further.
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ZEC Rising Volume Signals Market Momentum
ZEC derivatives market is showing signs of rising market momentum. The trading volume has increased by 58.46%, reaching $2.24 billion, while Open Interest has increased by 7.39%, reaching $447.57 million.
The OI Weighted is 0.0075%, indicating a minor bearish bias, suggesting the market is quite balanced. The sentiment is cautiously optimistic, but traders are waiting for structural confirmation before going long.
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