ZEC eyes $300 as bearish sentiment fades
Key takeaways
ZEC has outperformed other cryptocurrencies in the top 30, adding 5% to its value in the last 24 hours.
The coin could rally above $300 as bullish momentum returns.
ZEC outperforms the broader crypto market
ZEC, the native coin of the Zcash ecosystem, is the best performer among the top 30 cryptocurrencies by market cap. Up 90% in the last seven days, the coin remains bullish despite the recent market crash.
The privacy-focused coin formed a four-year high of $298 on Saturday, recovering excellently from the crash to $149 recorded during Friday’s market crash. However, it has dipped since then and is currently trading at $249 per coin.
The Open Interest (OI), which has been on a decline over the past three days, is now recovering as retail interest in the coin resumes. ZEC could target the $300 psychological mark over the next few hours or days as the bulls regain full momentum of the market.
ZEC eyes the $300 psychological mark amid bullish momentum
The ZEC/USD 4-hour chart is bullish and efficient as the coin has added 5% to its value in the last 24 hours. It has closed above the 61.8% Fibonacci retracement level of $235 and could be set to rally higher in the near term.
The technical indicators on the 4-hour chart remain bullish, suggesting that ZEC could rally higher in the near term. The RSI of 52 shows that ZEC is still not within the overbought region, indicating further room for growth. The MACD lines also flashed a buy signal following the recent dip.
By closing above the 61.8% Fibonacci retracement level at $235, ZEC could bounce back to challenge the $300 resistance level over the next few hours. An extended rally would allow the coin to hit $320 for the first time since May 2021.
However, a bearish close below the $235 level over the next few hours could see the bears take the price to the $200 region. An extended bearish run would see ZEC threaten the next major support level at $193.
