Will Zcash (ZEC) Price Rally Beyond $500? Here’s What the Charts Say

Core Insights - Zcash (ZEC) has experienced a significant price increase of 13% in the last 24 hours, approaching the $500 mark, indicating improved holder confidence and positive technical momentum [1][6]. Market Sentiment - Momentum indicators show a shift in sentiment for Zcash, with the Relative Strength Index (RSI) rising above the neutral 50.0 level, placing ZEC among a select group of altcoins exhibiting bullish momentum [2][3]. - An RSI above 50.0 suggests that buyers are gaining control, which may help Zcash withstand short-term bearish pressures affecting the broader market [3]. Technical Indicators - The Chaikin Money Flow (CMF) is trending higher, indicating a slowdown in capital outflows, although it remains below the zero line, suggesting that selling pressure is easing [4]. - A reduction in outflows during recovery phases is significant; if market conditions remain stable, this could lead to net inflows, confirming improved conviction and providing necessary liquidity for ZEC's upward movement [5]. Price Analysis - Zcash is currently priced around $438, testing the $442 resistance zone, which is critical for confirming the continuation of the rally [6]. - If positive momentum indicators and stable capital flows persist, ZEC could potentially reach $500, requiring only a 13.8% increase from current levels [7]. - However, if the resistance at $442 holds, ZEC may retrace towards the $403 support level, with a breakdown below that potentially leading to a deeper correction towards $370 [8].