Zcash looks bullish, but ZEC’s downside risk remains below $300

Zcash [ZEC] has climbed over 7.85% in the past 24 hours, bringing its total gains to more than 42.50% over the past 30 days. Trading around $340 at press time, ZEC has successfully retested the key $300 resistance level, which was broken on the 8th of April.

Zcash eyes a potential 17% upside rally

Looking at the daily chart of ZEC, the bias appears bullish. Following the breakout of the key resistance at $300, the asset climbed notably and reached the $393 level. 

However, it later faced a correction and fell back to the breakout area while forming a descending trendline. ZEC has broken out of that trendline, suggesting that it may have opened the door for a further upside rally.

Based on the current price action, if ZEC remains above the $300 level, there is a high probability that it could see another 17% jump, reaching the $402 level in the coming days.

However, this bullish thesis will only be validated if the price stays above the $300 level. If the price falls below $300, it could turn bearish and decline notably in the coming days.

At the same time, the Average Directional Index (ADX), which measures trend strength, has reached 32.53, indicating that the asset has strong directional momentum.

Meanwhile, the Relative Strength Index (RSI) is at 60.23, remaining below the overbought territory, suggesting that ZEC still has room to continue its upward momentum in the coming days.

ZEC listing and rising demand strengthen bullish outlook

In addition to all this, growing demand from the top 100 ZEC addresses and its recent listing on Robinhood have further reinforced the asset’s bullish outlook.

Analytics platform Nansen reports that the top 100 ZEC addresses have increased their holdings by 6.73% over the past week. This suggests rising demand from long-term holders, which could potentially push the price higher.

Meanwhile, ZEC’s recent listing on Robinhood has opened the door for broader retail participation and increased market liquidity.

Final Summary

• Zcash’s 7.85% gain has opened the door for a potential 17% upside rally, but only if the price remains above $300.
• The top 100 addresses have increased their holdings by 6.73% over the past week, hinting at growing demand among long-term holders.