Zcash Price Gains Over 30% This Week
Zcash (ZEC) price rose sharply this week. On Wednesday, it traded above $440. So far, ZEC has gained nearly 30% since the start of the week. Higher open interest and more bullish bets show strong demand for ZEC. Positive funding rates also support the price rally. Technical indicators suggest bulls aim to push the price above $485 soon.
ZEC Derivatives Data Shows Bullish Sentiment
Data from CoinGlass reveals a rise in ZEC futures open interest (OI) at exchanges. OI grew from $701.11 million on December 3 to $954.87 million on Wednesday. This is the highest level since November 29. Increasing OI means new money is entering the market and buying interest is rising.
The long-to-short ratio for ZEC futures is 1.08, the highest in over a month. A ratio above one means more traders expect ZEC’s price to rise.
Funding rates also turned positive on Saturday and stood at 0.0059% on Wednesday. Positive funding rates mean traders with long positions pay those with short positions. Historically, this signals a price rally for ZEC.
Technical Forecast: Bulls Target Price Above $485
ZEC broke above a key descending trendline on December 5. The price then found support near this trendline after a brief decline. On Monday, ZEC jumped over 19% and kept rising on Tuesday. On Wednesday, it remained above $440.
If the uptrend lasts, ZEC may rise toward the next resistance level at $485.18. The Relative Strength Index (RSI) is above 50, showing growing bullish momentum. The MACD is close to a bullish crossover, which would confirm the positive trend.
If the price corrects, support at $415 could slow or stop the decline.
