Could Zcash Price Break Through the $50 Barrier in August?

18 ago

Could Zcash Price Break Through the $50 Barrier in August?
Meta Description: Zcash has defied broader altcoin trends, rising over 35% in the past couple of weeks, breaking out of a correction phase.

The OI data has jumped over 100% in the last couple of weeks indicating a strong inflow.
Zcash has showcased a strong performance in the last couple of weeks rising over 35%

While most of the altcoins are struggling to maintain a firm footing in the last couple of weeks. On the contrary, Zcash defied the broader trends and has achieved significant gains in the same period.

Zcash has showcased a strong performance in the last couple of weeks rising over 35%. The recent surge in the price marked the end of a correction phase. At the time of writing, ZEC price was exchanging hands close to $44.2 Indicating a mild intraday loss of 0.29%.

Moreover, along with a strong rise in the price the analysts have recorded a significant change in the OI data. Let's analyze it in detail and try to figure out whether ZEC may be a good pick for next week.
Open Interest Contracts Showcases A Strong Inflow
Despite a weakness in the broader markets and altcoins, Zcash has managed to add significant returns in the last couple of weeks. In tandem with the price jump, the analysts noted a significant change in the OI data.

<iframe title="Santiment Chart: Total Open Interest in USD (ZEC), Price (ZEC)" width="800" height="425" src="embed.santiment.net/chart?ps=zcash&pt=ZEC&df=2024-02-18T18:29:59.311Z&dt=2024-08-18T18:29:59.311Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>

Source: app.santiment.net

In the last couple of weeks, the OI contracts have surged, taking a big leap from nearly $15 Million to $34 Million indicating a strong inflow. An almost 100% jump in the OI data helped the Zcash investors gain an impressive 35% returns in a short term.

Zcash market capitalization has jumped to $708.3 Million and now ranks at 79th in the cryptoverse. The volume to market capitalization at 10.3% suggests mild volatility in the crypto. Out of a total supply of 21 Million, nearly 77% i.e. 16.32 Million ZEC tokens are in circulation at present.
Zcash Price Technical Analysis
From a technical standpoint, Zcash price has surpassed all the key Exponential moving averages of 20, 50 and 200 days suggesting a positive outlook ahead. Moreover, the daily chart suggests a short term consolidation between the $40 and $44 levels.

Now, if ZEC price breaks out it may resume with a bullish trend and may look to test the higher supply of $50 level. whereas, if the price breaks down the $40 level, it may look to retest the previous breakout zone of $35 level.

Moreover, while applying Fibonacci tool from the recent swing low to swing high, the golden zone was obtained near the $35 level. The golden zone acts as a crucial for a trend continuation.

At the time of writing, the MACD line as well as the signal lines were placed above the zero line indicating a positive trend prevailing. Moreover, a bullish crossover of both the lines was observed indicating a trend continuation.

Zcash has defied broader altcoin trends, rising over 35% in the past couple of weeks, breaking out of a correction phase. Currently trading around $44.2, Zcash saw a significant increase in open interest contracts, jumping from $15 million to $34 million, boosting investor returns.

From a technical point of view, Zcash has surpassed key exponential moving averages, indicating a positive outlook. The price is consolidating between $40 and $44, with potential to test $50 if it breaks out, or retest $35 if it breaks down. MACD indicators suggest a continuing bullish trend.