Despite the recovery of the broader crypto market, ZEC falls 3.5%
Key receivers
ZCash is one of the worst performers among the top 30 cryptocurrencies, down 3.5% in the last 24 hours.
As privacy-focused cryptocurrencies demand, the coin may rise in the near future.
ZEC slips as broader market recovers.
Native to the Zcash ecosystem, ZEC is down 3.5% in the past 24 hours, making it one of the best performing cryptocurrencies among the top 30 cryptocurrencies by market capitalization.
It is trading at $241, down from $257 on Tuesday. The bearish performance comes amid declining Zcash derivatives data.
As he says CoinGlassZEC's Futures' Open Interest (OI) read $438 million, down from $473 million recorded on Tuesday, reflecting a decline in open contract prices. Typically, a decline in OI in spot prices confirms the bearish narrative as traders anticipate further recovery.
Technical View: Will Zcash Price Return Above $250 Soon?
The 4-hour chart of ZEC/USD is bullish but ineffective as the price of Zcash has experienced a rejection above the psychological level of $250.
It is currently trading below the 50-day EMA at $248c, suggesting that bulls have taken advantage of the recent rally.
Despite this, the near-term bias is cautiously mature, with ZEC holding above recent lows and remaining below a long-term downtrend.
If the bulls regain control and the ZEC daily candle closes above $250, it will confirm the upside break and open the way to the 200-day EMA at $274, followed by the 23.6% Fibonacci retracement level at $362.
The Moving Average Convergence Divergence (MACD) line has risen above the signal line and moved into positive territory on the 4-hour chart, indicating strengthening reversal pressure.
The Relative Strength Index (RSI) at 61 reinforces a bullish momentum recovery without signaling overbought conditions.
On the downside, if the rejection candle holds, ZEC may drop to the 38.2% Fibonacci retracement level at $231, followed by an uptrend at the $200 psychological support level.
