ZCash Price Rockets Past Resistance, Can ZEC Hold Above $616 And Hit $700 Soon?

ZCash has staged a dramatic comeback, grabbing traders’ & investors’ attention globally as it surged 8.27% in just 24 hours. This is while maintaining a 33% weekly leg up. This powerful rally is not just another random crypto spike. A mix of fundamental and technical drivers has set the stage for this bullish move. 

The biggest spark? Cypherpunk Technologies acquired a sizeable 1.25% of ZEC’s circulating supply. That move also cut the available coins for regular market trading. On top of that, privacy coins are back in the narrative spotlight. Finally, technical momentum has kicked in with ZEC blasting past a key resistance level at $616. Let’s dig in to know what may come next.

ZCash Price Analysis: What’s Next?

ZCash price action looks purposeful right now. The breakout above $616, which was a major Fibonacci resistance, signals a genuine shift in market sentiment. As I scan the chart, the signs of strength are clearly visible. The MACD indicator shows a bullish crossover, with the MACD line well above the signal line at 86.76 to 84.58. That’s a green flag for fresh bullish trades. 

Meanwhile, the RSI sits comfortably at 62.91, just below being overbought. Traders have rushed in, as seen in the $1.87 billion in volume over the past day, so momentum is real and not just smoke and mirrors.

Given the current setup, ZCash appears geared up to test the next resistance at $662 and, if momentum continues, the psychological $700 level. When can these targets be hit? If ZEC manages to hold above $616 for the next 2-3 days, touching $700 within a week looks achievable. If bulls can drive above $700, $799 is the next big level to watch.

However, let’s not ignore the risks. If ZEC loses grip on $616, the price could seek support at $557 or even dip to $537 in a sharper correction. Bears would need to see a break below $616 with dropping volume for a convincing reversal. 

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