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The cryptocurrency market has performed positively over the past 24 hours, with Bitcoin and other major coins currently in the green.
ZEC, the native coin of the Zcash blockchain, is the best performer among the top 20 cryptocurrencies by market cap.
The coin is now trading around $450 and could rally towards the $500 psychological level if the recovery continues.
The coin is up 10% in the last 24 hours, making it the best performer among the top 20 cryptocurrencies by market cap.
The rally comes thanks to a surge in the social volume of ZEC treasury firm Cypherpunk Technologies (CYPH).
Data obtained from the social analytics platform LunarCrush revealed that Cypherpunk’s engagement hit 47.1K, 261% above its daily average.
This latest development coincided with Cypherpunk Technologies welcoming Zcash cofounder Zooko Wilcox as a strategic advisor.
The company raised $58.8 million via a private placement in November and has acquired 203,775 ZEC tokens for $50 million. This makes Cypherpunk the largest corporate holder of ZEC.
ZEC’s rally also comes after the market dipped on Wednesday after the US Federal Reserve (Fed) delivered a hawkish rate cut.
Leading cryptocurrencies, including Bitcoin, Ether, XRP, and Solana, are showing signs of recovery on Friday, with further upward movement expected in the near term.
The ZEC/USD 4-hour chart is bullish and efficient as ZEC has added 25% to its value in the last seven days.
The momentum indicators are bullish, suggesting that buyers are currently in control of the market.
According to CoinGlass, the bullish performance resulted in $8.8 million in liquidations over the past 24 hours, spearheaded by nearly $7 million in short liquidations.
ZEC found support around the $390 region on Thursday and has added 10% to its value since then.
However, it is currently facing resistance in the $472-$485 range.
If the daily candle closes above the $485 resistance, ZEC could rally higher and hit $620, a level obtained by measuring the height of the ascending triangle and projecting it upward from a potential breakout point.
Currently, the Relative Strength Index (RSI) on the 4-hour chart reads 61, above the neutral 50.
If the RSI stays above 50, ZEC could rally towards the $620 resistance level over the next few hours or days.
The MACD lines also crossed into the positive region earlier this week, flashing a buy signal that remains valid at press time.
However, if the daily candle fails to close above the $485 resistance, ZEC could retest the $390 support level.
The next major daily support level stands at $331, the low created during the weekend.
At the moment, the market conditions are bullish and could see ZEC rally higher in the near term.
The post ZEC surges 10%, eyes the $500 psychological level appeared first on Invezz
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