Zcash Price Rebounds Above $690, Signaling Renewed Bullish Momentum
Zcash (ZEC), the privacy-focused digital asset built on a decentralized blockchain, has demonstrated renewed bullish strength after rebounding from a sharp dip to exceed the $690 mark. This recovery reflects intensified market activity and growing trader participation across exchanges.
During today’s Asian trading session, Zcash opened at $683.21 before dipping sharply to $658.16. However, bullish momentum quickly returned, pushing the price above $690 and contributing to a 5% gain over the past week.
Market Activity and Volume Surge
According to CoinMarketCap, Zcash is currently trading around $692.35 — a 1.5% increase in the last 24 hours. The market capitalization has risen to $11.29 billion, supported by stronger trading conditions. Reported volume has surged to $4.34 billion, indicating expanded participation from traders during this period. Meanwhile, the fully diluted valuation (FDV) stands at $14.53 billion, consistent with recent price movements.
Volatile Price Swings within a Defined Range
Zcash’s price action reveals repeated upward pushes toward higher levels within a steady trading range, followed by multiple reversals that generate alternating momentum throughout the session. These fluctuations create wide variability as the price oscillates between established upper and lower boundaries.
Each phase involves short bursts of acceleration, contributing to increased overall volatility. Despite this variability, the central trading range remains stable, indicating a balanced market where no single directional trend dominates.
Technical Analysis: Approaching $740 Breakout
A recent technical analysis by Ardi highlights that Zcash now moves within a clear rising structure after reclaiming a former supply zone between $520 and $540. The market broke through a confirmation region near $611 and pushed toward local highs close to $740.
Currently, Zcash trades above the Bulls’ Confidence Point at approximately $684, which aligns with the 38.2% Fibonacci retracement measured from the recent trendline break. This confluence area provides strong support for the ongoing upward movement.
Key resistance is identified at $740. Should selling pressure increase, potential retests of support zones at $660 or $630 may occur before any breakout attempt.
Outlook
With the price holding above critical support and showing strong volume-backed momentum, Zcash appears poised for further gains. Traders will be watching for a breakout above $740, which could signal the continuation of the bullish trend. However, short-term volatility and alternating market pressures suggest cautious optimism as the asset navigates its next moves.
https://blockonomi.com/zcash-price-clears-the-611-confirmation-zone-as-the-38-2-retracement-holds-is-a-decisive-push-next/
