Zcash Price Rises Above $490, Market Cap Hits $8 Billion
Zcash (ZEC) price is rising, currently trading above $490 on Thursday. It has gained over 17% this week. The privacy-focused cryptocurrency’s market value has crossed $8 billion. This puts ZEC ahead of altcoins like Sui (SUI) and Hedera (HBAR). Technical analysis shows ZEC might reach the next resistance near $578.
Open Interest Hits New Record, Bullish Signals Continue
- ZEC futures open interest (OI) reached a new all-time high at $773.84 million on Thursday, according to CoinGlass.
- Higher OI means more money is entering the market, supporting the price rally.
- The long-to-short ratio for ZEC stands at 1.05, close to its monthly high, showing more traders are betting on price gains.
Potential Risks and Price Forecast
Despite strong signals, CryptoQuant data shows signs of possible retail overheating in both spot and futures markets.
ZEC found support at $372 on Tuesday and climbed over 10% the following day. If the upward trend continues, ZEC could reach the 161.80% Fibonacci extension level at $578.53.
The Relative Strength Index (RSI) is 82, indicating strong bullish momentum but also an overbought condition. The MACD indicator shows a bullish crossover, suggesting the uptrend may continue.
However, if ZEC faces a correction, it might fall back to the support level at $372.
