Zcash up 30% in the Last 48 Hours. Is This the Much-Anticipated Breakout?

Zcash has climbed steadily over the past 48 hours. The 1-day chart reveals a sharp, significant breakout.

It saw notable buying pressure on Tuesday, as the rest of the market followed suit. It opened at $251, surged to $324, and posted gains of more than 27%.

Tuesday’s spike was unsurprising as the market responded to news of Middle East ceasefire talks. The US canceled its planned offensive at the last minute and extended the deadline by two weeks.

Aside from the entire industry responding to what many perceived as good news, Zcash investors had other reasons to stage a massive buyback. It was led by whales who accumulated over 10k tokens, worth over $3.4 million as of Apr 7.

In response, smaller traders followed, stacking more units and pushing prices higher. Due to their collective efforts, ZEC pushed past its two-month high. After ripping through $300, it attempted February’s high at $332.

The asset continued upward on Wednesday, flipping the mark. However, it halted at $340 and is currently grappling with notable selling pressure.

Up by almost 30% in almost two days, the altcoin will look to sustain the current uptrend. Nevertheless, it shows the first signs that the uptick may soon end.

Zcash Faced Rejection $340

Zcash, having broken above February’s high, has set a new one. However, it faced notable selling pressure at $340, resulting in the latest decline.

While it trades slightly above its opening price, the current 1-day candle shows notable profit-taking. The bears are poised to sell even more in the coming days if current market conditions remain the same.

Amid the ongoing selling, Zcash is overbought. The relative strength index is at 72 at the time of writing, indicating that a trend reversal is imminent.

Focusing on previous price movements provides stronger grounds for expecting further declines. The altcoin retraced at a level it once failed to hold. In February, when the asset failed to hold $325, it retraced below $280 in the following days.

This scenario will likely play out this time as the RSI is currently negative and it shows the first signs of a bearish takeover.

The fibonacci retracement levels brings the target even lower. The asset is currently trading above the 38% mark. However, it looks weeks at its current price, suggesting a slip is likely. If it loses this mark, a drop to the 23% mark will follow. It would mean a drop to $260 will take place.

In a nutshell, Zcash may be gearing up to shed all of its recent gains. Nonetheless, fundamentals may see it temporarily avert the impending 20% drop.

Amid the ongoing sell-offs, the altcoin is the top gainer over the last 48 hours. Following closely behind is Monad with a 16% surge to a high of $0.031 on Tuesday, but closed with gains exceeding 12% after facing slight rejection.

It continued its uptrend on Wednesday, peaking at $0.033. However, it shed more than half its gains and trades 3% above its opening price. The moving average convergence divergence print buy signals following the latest surge, suggesting that further increases may follow. It remains to be seen if it’ll attempt the current high on Thursday.

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