ZCash Gains 56.12%, Open Interest Rises; Key Resistances Reclaimed.
Key Takeaways
- Zcash rallied 13.85% on Tuesday, July 14, followed by an additional 1.6% gain on Wednesday.
- Open Interest for ZEC has increased by 7.70% over the past 24 hours.
- The $560 short-term resistance level has been breached, and both the $500 supply zone and $560 retracement level have been reclaimed.
- Since early June, ZEC has recorded 56.12% gains from a local low of $368.3.
- A critical Orchard vulnerability in late May, which triggered a deep sell-off, has been followed by a significant market resurgence.
- Analysts suggest a cautiously bullish outlook, with key targets at $690 and $750 if ZEC sustains a move beyond $644.
ZEC demonstrated strong upward momentum this week, surging 13.85% on Tuesday, July 14, and an additional 1.6% on Wednesday, July 15. This rally coincided with a 7.70% increase in Open Interest over the last 24 hours, signaling growing market engagement.
Market Outlook and Resistance Levels
A recent AMBCrypto report indicates a cautiously bullish outlook for traders and investors. The critical $560 short-term resistance level has been successfully breached. Furthermore, the $500 round-number supply zone and the $560 retracement level, two out of three key resistances, have been reclaimed by the market.
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Resurgence and Technical Indicators
The market has seen a significant resurgence following a deep sell-off earlier in the year. The $176 retracement level was respected, initiating a rebound. Since early June, the $500 local supply zone has been re-established. Technical indicators support the upward trend: the 3-day CMF consistently remained above +0.05, signaling robust buying pressure, while the RSI at 60.6 confirmed considerable upward momentum. Zcash has delivered 56.12% in gains in less than three weeks, measured from its local low of $368.3, with further upside potential noted.
Trading Dynamics and Future Targets
While the swing structure on the 4-hour chart was previously bearish, the 78.6% retracement level at $560.11 has been breached. A slight concern is the CMF reading at -0.02, which does not currently indicate firm buying pressure on this shorter timeframe. A sustained price movement beyond $644 would decisively shift the ZEC H4 structure to bullish. The next immediate target is the May high of $690, followed by a potential ascent towards $750. Traders are advised to monitor for sustained capital inflows and a confirmed move past the $644 mark to validate a bullish turnaround.
