Zcash (ZEC) Price Analysis: Can the Recent Surge Be Sustained?
The price of Zcash (ZEC) has experienced a significant spike of 90% in the last 30 days, propelling it to the top three altcoins in the market. Currently trading at $41.36, the coin’s rapid increase has raised questions about its sustainability.
Market Capitalization and Transaction Volume Trends
On July 12, Zcash was priced at $23.81, nearly doubling in value since then. CoinGecko data reveals a substantial growth in market capitalization during this period, from $366.68 million to $625.72 million. This surge has been primarily driven by price appreciation.
Despite the price surge, Zcash’s transaction volume has seen fluctuations. While it surpassed $145 million on August 10, it has since dropped by 44.99% to $79.66 million. A decrease in trading volume may indicate a potential decline in price if the trend continues.
Short-Term Price Prediction and Analysis
Zcash’s price has shown significant volatility, from a low of $18 to a high of $42.97 amid rejection. Currently, the Relative Strength Index (RSI) stands at 77.02, suggesting overbought conditions. A potential pullback is expected, with Fibonacci retracements indicating a possible drop to $37.18 in the short term.
However, a rebound from this level could prevent further decline, while a break above $42.97 might lead to a test of the $44 range, especially with increasing buying pressure.
