Zcash (ZEC) has emerged as a standout performer in the crypto market, defying the broader altcoin sell-off with impressive gains. According to recent reports, ZEC has surged +74% in the past week and +639.1% over the last year, with one source highlighting a 520% monthly increase that brought it near $300, a level not seen since December 2021.
Technical indicators reinforce the bullish momentum. The Money Flow Index (MFI) has surged above 95, indicating persistent buying pressure, while the Chaikin Money Flow (CMF) remains positive at around 0.25, suggesting institutional and whale accumulation. A golden cross has formed with the 20-day moving average crossing above the 200-day, and price action is coiling within an ascending triangle or bull flag pattern, with support at $251 and resistance near $287. Analysts note that a breakout above the flag's upper trendline could target $336, a 25% rise from current levels.
However, risks loom large. ZEC's weekly Relative Strength Index (RSI) has hit a record over 92, signaling extreme overbought conditions reminiscent of April 2021, when a 70% decline followed. Leverage data from CoinGlass shows $21.5 million in long positions versus $3.4 million in shorts on Bybit's ZEC/USDT pair, with $5.36 million in long liquidations stacked near $244. A drop below $244 could trigger a cascade toward $210, as noted by analyst Altcoin Sherpa, who suggested buying opportunities around $230 or lower.
Despite the hype around Zcash's privacy use case and potential long-term growth—with community predictions of $60,000 per coin—the short-term outlook is volatile. As one analyst summarized, "Both institutional and retail activity have stayed strong, two segments that usually move in opposite directions during crashes," but the imbalance in leverage and overbought signals caution against immediate euphoria.
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