ZCash Moving 100% in a week, Targets $500?

Red waves are hitting the crypto market as major assets tumble, flashing a red alert across the board. Zcash (ZEC) has grabbed attention this week and surged more than 92% in value and is inching closer to the 100% mark. This move has sparked discussions among traders and investors alike. Is ZCash on track to hit $500 after this explosive surge?

This move follows rising market activity and renewed investor interest. As of October 15, Zcash has jumped by over 17.80% and now sees it trades at $265.64. With a market cap of $4.35 billion, ZEC’s daily trading volume is up by over 33.97%, reaching $895 million. In the early hours, the asset traded at the bottom range of $222.11, and the bullish encounter sent the price toward a high of $272.55. 

The last seven-day price analysis of ZEC gives a positive outlook. It opened the week, trading at around $135. With multiple ups and downs, the asset managed to climb toward a high of $294. The consistent bullish presence has helped Zcash not to fall below the key support zone of the $195 mark.  If the current momentum carried over, the weekly gain would hit 100%. 

ZCash Shows Signs of Bullish Momentum in Weekly Charts

The weekly technical chart of the ZEC/USDT trading pair shows a bullish pattern. Strong green candles have appeared, completely engulfing the previous ones. The Moving Average Convergence Divergence (MACD) line (blue) has crossed over the signal line (orange). It indicates the active bullish momentum, and the traders often see this as a potential buy signal.

In addition, the Chaikin Money Flow (CMF) indicator value found at 0.49 suggests strong buying pressure in the market. With this high value, the capital is flowing into the asset, and the accumulation is strong. This could likely support the further price gains of Zcash. 

Notably, other indicators, like the daily Relative Strength Index (RSI) positioned at 92.94, imply that ZEC is extremely overbought. The price may face a potential pullback. Zcash’s Bull Bear Power (BBP) reading of 4.21 points out the strong bullish dominance in the market. The buying pressure is significant, with the asset’s mighty upward momentum.

The buyers have defended the major support zone strongly, which has led to the weekly rally. With Zcash continuing to see more gains, the price movement may go up, inviting the golden cross to take place. The price may hit $295 and $360 gradually with the bullish correction.

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