While most of the altcoins are struggling to maintain a firm footing in the last couple of weeks. On the contrary, Zcash defied the broader trends and has
Altcoins have been largely struggling to maintain a firm footing in the last couple of weeks. However, defying the broader trends, Zcash (CRYPTO: ZEC) has achieved significant gains in the same period.
The crypto achieved a 35% gain in the past couple of weeks, breaking out of a correction phase. At the time of writing, ZEC was trading at $44.2, indicating a mild intraday loss of 0.29%.
The recent surge in the price marked the end of a correction phase. Analysts have recorded a significant change in the open interest (OI) data as the price rose. Let’s analyze it in detail and try to figure out whether ZEC may be a good pick for next week.
Open Interest Contracts Showcases Strong Inflow
While the broader markets and altcoins remained weak, Zcash managed to add significant returns in the last couple of weeks. In tandem with the price jump, the analysts noted a significant change in the OI data.
In the last couple of weeks, the OI contracts surged, taking a big leap from nearly $15 Million to $34 Million, indicating strong inflow. An almost 100% jump in the OI data helped investors gain an impressive 35% returns in a short span.
Zcash market capitalization has jumped to $708.3 Million and now ranks at 79th in the cryptoverse. The volume to market capitalization at 10.3% suggests mild volatility in the crypto. Out of a total supply of 21 Million, nearly 77% i.e. 16.32 Million ZEC tokens are in circulation at present.
Zcash Price Technical Analysis
From a technical standpoint, Zcash price has surpassed the 20, 50 and 200 day EMAs, indicating a positive outlook ahead. Moreover, the daily chart suggests a short term consolidation between the $40 and $44 levels.
Now, if ZEC breaks out, it may resume with a bullish trend and may look to test the higher supply of $50 level. On the other hand, if the price breaks down the $40 level, it retest the previous breakout zone of $35.
Moreover, while applying Fibonacci tool from the recent swing low to swing high, the golden zone was obtained near the $35 level. The golden zone acts as a crucial for a trend continuation.
At the time of writing, the MACD line as well as the signal lines were placed above the zero line indicating a positive trend prevailing. Moreover, a bullish crossover of both the lines was observed indicating a trend continuation.
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