The post Zcash (ZEC) Jumps 19%: How Far Can This Move Actually Go? appeared on BitcoinEthereumNews.com.
A 19% gain in value has pushed Zcash to $1K. The ZEC buyers are firmly in control. As of September 4, within the broader crypto market, Zcash ($ZEC) has shown stronger bullish momentum after surging 19.4%. Currently, the price is trading at the $1,009.82 level, pushing firmly above the crucial $950 level. Moreover, its trading volume has reached $1.265 billion. Significantly, Zcash’s momentum is back in the market spotlight following another sharp move higher. It may reach a new high without retesting key technical structure, reflecting strong bullish sentiment. As it enters an expansion phase, sustained buying pressure will drive further upside. The token is now approaching the key $1,018 – $1,030 resistance zone, with its 24-hour trading range stretching from $842.06 – $1,023.40. A decisive breakout above $1,043 could likely strengthen the bullish setup of ZEC and potentially trigger another expansion move. The $845 – $886 area remains an important support zone, while the broader 7-day range of $779.96 – $1,023.40 exhibits how sharply Zcash has advanced. With the price near the weekly high, traders will be watching whether the buyers can sustain the momentum and turn the above-mentioned zone into the next support. Zcash Technical Chart Turns the Momentum Bullish The Moving Average Convergence Divergence (MACD) line is above the signal line, indicating buying momentum is currently increasing. This is a strong bullish trend confirmation signal. As both lines are above the zero line, the asset is in a broad, established uptrend rather than just a brief bounce. ZEC’s short-term moving averages are pulling away from long-term averages, showing that the buyers are firmly in control. On top of that, traders view this combination as a green light to buy or hold long positions, as the path of least resistance remains upward. In addition, the daily Relative Strength…