bullish

when

Zcash

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/what-is-driving-zcashs-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">What is Driving Zcash’s Surge?</a><br></p>
<p style="text-align: justify">In the past month, the cryptocurrency Zcash (ZEC) has surged by 90%, emerging as one of the top three performing altcoins. Starting at $23.81 in mid-July, ZEC’s value has climbed to $41.36. This surge has also increased Zcash’s market capitalization from $360.68 million to $625.72 million. Despite this impressive rally, questions linger about the sustainability of this rise.</p>
<h2 id="why-is-trading-volume-declining">Why is Trading Volume Declining?</h2>
<p style="text-align: justify">The privacy-focused coin Zcash has recently experienced a notable drop in trading volume. On August 10, trading volume exceeded $145 million but has since plummeted by 44.99% to $79.66 million. Typically, a price increase accompanied by higher trading volume signals a bullish trend.</p>
<p style="text-align: justify">However, when trading volume decreases as the price continues to rise, it suggests that bullish momentum may be waning. If this trend persists, Zcash’s price could fall below the $41 mark shortly.</p>
<h2 id="what-does-technical-analysis-indicate">What Does Technical Analysis Indicate?</h2>
<p style="text-align: justify">Zcash’s rise began in July, moving up from below $18 to $34.75 before facing resistance and dropping to $25.43. The bulls regained control, pushing ZEC up to $42.97. However, this rapid ascent has pushed ZEC into the overbought territory with an RSI of 77.02.</p>
<p style="text-align: justify">Technical analysis suggests that ZEC may fall to $37.18 in the short term. A rebound from this level could prevent further decline, allowing ZEC to surpass $42.97 and test the $44 region.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Investors should consider the following actionable insights:</p>
<ul>
 <li>Monitor ZEC’s trading volume closely for signs of sustained bullish momentum.</li>
 <li>Watch the $37.18 support level as a potential indicator of <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> price direction.</li>
 <li>Be cautious of overbought signals, as they may indicate a short-term price correction.</li>
 <li>Stay updated on <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a> forecasts to make informed trading decisions.</li>
</ul>
<p style="text-align: justify">In conclusion, while Zcash has seen a remarkable rise, declining trading volumes and technical indicators point to potential short-term volatility. Investors should keep a close eye on ZEC’s price movements and key support levels to navigate this dynamic market effectively.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/what-is-driving-zcashs-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">What is Driving Zcash’s Surge?</a></h5>

What is Driving Zcash’s Surge?

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