Zcash Explodes 60% as Bulls Drive Privacy Coin Toward $200 Target

• Zcash (ZEC) is making waves in the crypto market with its strong 60% rally.

• ZEC experienced a 60% bullish rally over the last 24 hours, accompanied by a 313% increase in daily trading volume, indicating strong buying interest.

The strong rally of Zcash (ZEC) is creating a splash in the crypto market. The privacy-oriented cryptocurrency has gone on a tear of unprecedented volatility, showing the type of momentum that draws traders’ attention to the digital asset market. According to CMC data, ZEC has bullishly rallied 60% in the past 24 hours with a daily trading volume of 313% indicating that market players are keen to take advantage of this breakout action.

Zcash has a technical outlook that is overwhelmingly positive in several periods. Price action indicates that ZEC has moved out of the $56 range to an astonishing $145, which is a parabolic move that has kept bears at bay. 

This volatility has taken the cryptocurrency well beyond major exponential moving average levels, with the 50-day EMA of $53.19 and the 200-day EMA of $45.42 now providing significant support levels. The large difference between the present price and these moving averages points to a very high bullish momentum, but it also implies that the asset is overextended in the short term.

What Next For Zcash Price?

The MACD indicator supports the bullish story as there is a strong positive crossover on the lower panel. The MACD line has soared high above the signal line and the zero line, at 8.30 compared to the signal line of 7.15. This strong deviation indicates an upward accelerating trend and indicates that the market remains under the influence of buying pressure. The bars on the histograms have grown significantly, and the image they create is one of prolonged bullish belief among traders.

In the meantime, the ZEC RSI indicator is at a high level of 67.85 and is almost in the overbought region, but it is not yet an indication of exhaustion. The sentiment indicator has soared to 4.76, which shows the excessive positive attitude towards this breakout. Although these readings have indicated that new entrants should be cautious at the existing levels, it also show that the rally has good conviction behind it and not a technical bounce.

As price has decisively crossed past resistance levels, and all key technical indicators have been put in place in a bullish manner, the next psychological target of $200 seems to be all the more attainable. Nevertheless, traders must be aware of possible pullbacks because of the parabolic trend of this move, and the 50-day and 200-day EMAs are reasonable support levels in case of any pullback.

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