Zcash makes double-digit gains as broader market rallies

The cryptocurrency market is currently exhibiting signs of a strong recovery towards higher levels. Different coins have attempted to rally towards new highs, and Zcash (ZEC/USD) has not been left behind.

ZEC has made double-digit gains of 13.7% during the past 24 hours. At the time of writing, this coin was trading at $172.57.

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ZEC on a strong uptrend

ZEC has made a strong gain during the past 24 hours. Following these gains, the token has managed to break resistance barriers, and it is currently attempting to test the resistance level of $175. It tested this resistance level during the past 24 hours and after a slight correction,

ZEC could continue with the uptrend if the market support continues to hold and buyers continue to show support for the token. In this case, an uptrend towards the next target level of $180 could be recorded. This will allow ZEC to continue pushing towards new monthly highs and test $200.

The market shows signs that the uptrend could hold. However, the cryptocurrency market has faced increased volatility since the beginning of the year. Therefore, for ZEC’s price to have a chance of making another uptrend, its network needs to register growing adoption.

ZEC could also dip

The cryptocurrency market could also record a price dip going by the performance witnessed since the beginning of the year. In this case, the price of ZEC will drop towards the lower support level at $165. Before the 24-hour price gain, ZEC was trading at $148, and the current rally could reverse if the buyer and market support fail.

ZEC could test $148 again, creating more selling pressure if the rest of the market fails to register a price gain. In this case, the price of ZEC will push towards $138. At this price, buyers could have created buy orders, and this could assist in preventing further dips.

However, the price of ZEC could continue to plunge towards the support levels of $100 if the market support continues to weaken. This plunge could result in ZEC testing the lows formed earlier this month.