Zcash has shown a clear strengthening trend recently. After breaking through the previous resistance range of $700 to $800, the price further rose to around $955. With the simultaneous expansion of spot and derivatives trading, this privacy coin has re-entered the market's spotlight.
Breakthrough to above $900
In the past few months, ZEC has mostly traded within a relatively wide range, encountering resistance near the upper limit several times. After this upward breakout, the price quickly rose above $900, indicating a significant increase in buying momentum.
The current market is primarily focused on the integer level of $1,000. If the price continues to hold firm, it may subsequently test the $1,200 to $1,300 range. Reports mention that, from a weekly chart perspective, if the upward trend continues, a higher target of $1,800 is being eyed.
Futures trading volume rose to $6.38 billion
With rising prices, the activity in the ZEC derivatives market has significantly increased. Data shows that the trading volume of ZEC futures has risen to approximately 6.38 billion US dollars, an increase of 113.64% from before; the number of open contracts has also increased to 2.16 billion US dollars, with a growth rate of 34.97%.
This means that during this round of upward movement, new funds and leveraged positions are entering the market. In terms of spot trading, the 24-hour trading volume was approximately 594.6 million US dollars, which also indicates that trading participation is not concentrated among a few accounts alone.
$700 to $800 becomes a key support level
A key observation point for the current trend is whether the previous range of $700 to $800 can turn into a new support area. If it can be maintained after subsequent pullbacks, it will generally strengthen the market's belief in the continuity of this round of breakthroughs.
On the contrary, if the price falls back below this range again, it indicates that the sustainability of this round of breakout still needs to be observed, and the market may re-enter a consolidation phase. In the short term, $1,000 remains the next most closely watched price level for ZEC.
