bullish

Rally

2024

Zcash

Coin

<p><a href="https://www.thecoinrepublic.com/price-prediction/zcash/"><strong>Zcash </strong>(ZEC)</a> is driving the upward bullish trend and gained significant momentum. This led to a rise of over 30% in the last three trading sessions for the ZEC price. </p> 
<p>MetaMask plans to donate $150k for the development of MetaMask Snap, this could have led to the short-term price increase. This would support the <strong>Shielded ZEC</strong> feature.</p> 
<p>One of the <a href="https://www.thecoinrepublic.com/price-prediction/zcash/"><strong>Zcash </strong></a>community members suggested spending $150,000 to develop the expanded Zcash ecosystem. Community members are also hopeful of a browser-enabled library with basic functions for web purses and plug-ins to browsers.&nbsp;</p> 
<p>Fueled by the significant development in the ecosystem, the token has revived from the 200-day EMA mark. ZEC could be eyeing a significant breakout ahead.</p> 
<p>Since the beginning of 2024, <strong>ZEC token </strong>was trading inside a consolidation phase and hovered in a range. However, the token has reached the uppermost cluster of the range near the $35 mark and bulls are eyeing to escape the range.</p> 
<p>Notably, the upward bullish movement and significant buying interest conveyed the demand resurgence and the token is set to catch the $50 mark ahead.</p> 
<h2 class="wp-block-heading" id="h-zcash-zec-looks-bullish-is-rally-on-the-horizon"><strong>Zcash (ZEC) Looks Bullish: is Rally on the Horizon?</strong></h2> 
<p>On the daily chart, the <strong>ZEC token</strong> has gained momentum and climbed above the key moving averages.</p> 
<p>The token formed a double bottom pattern around the demand zone. Then, it recovered from there and exhibited a rebound of over 70% last month.</p> 
<p>At press time, Zcash was trading at $32.79 with an intraday surge of 3.26%, reflecting bullish swings. It has a monthly return ratio of 72.30% and 11.27% yearly, reflecting short term bullishness.</p> <iframe loading="lazy" title="Santiment Chart: Price (ZEC), Volume (ZEC)" width="800" height="425" src="https://embed.santiment.net/chart?ps=render&amp;pt=RENDER&amp;df=2024-02-07T18%3A29%3A59.219Z&amp;dt=2024-08-07T18%3A29%3A59.219Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bzcash%3BZEC%5D%3B%5B1%3Bvolume_usd%3Bzcash%3BZEC%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The charts reflected a <strong>strong buy outlook</strong>, as it formed a golden crossover and was primed for a breakout. If the token succeeds to hold gains above the $30 mark, a major short covering move can be seen ahead.</p> 
<p>@Candleboxlaw in his tweet mentioned that, ZEC has formed a rounding bottom formation and is close to the $35 mark.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">have sum soup and crackers<a href="https://twitter.com/search?q=%24ZEC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ZEC</a> <a href="https://t.co/gqFDed0Rnu">pic.twitter.com/gqFDed0Rnu</a></p>— SHA256_Lock_Smith (@candleboxlaw) <a href="https://twitter.com/candleboxlaw/status/1820867160652075432?ref_src=twsrc%5Etfw">August 6, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>The RSI curve floated in the overbought zone, noted at 62, signifying bullish projections. Similarly, the MFI indicator showed a significant bullish wave had triggered and the token could unfold a major breakout shortly.</p> 
<h2 class="wp-block-heading" id="h-what-do-social-dominance-and-development-activity-data-say"><strong>What do Social Dominance and Development Activity Data Say?</strong></h2> 
<p>Fueled by the ZEC’s recent development with MetaMask, growth in the ecosystem was noted. The development curve saw a surge of over 12% to 7.81 mark this week.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (ZEC), Development Activity (ZEC)" width="800" height="425" src="https://embed.santiment.net/chart?ps=render&amp;pt=RENDER&amp;df=2024-02-07T18%3A29%3A59.219Z&amp;dt=2024-08-07T18%3A29%3A59.219Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bzcash%3BZEC%5D%3B%5B1%3Bdev_activity%3Bzcash%3BZEC%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D" scrolling="no"></iframe> 
<p>Despite the price re-rating, the social metrics were still delivering the low investors activity, as the dominance curve saw a dip, plunged to 0.02%, conveying that, a decline in the media buzz for ZEC.</p> 
<p>Notably, the Futures Open Interest rose over 14.79% to $20.16 Million, signifying a fresh long buildup activity in the last 24 hours.</p> 
<p>If ZEC bulls continue to sprint ahead, the token can lift gains toward the upper cluster of $40 followed by $45 shortly. On the other hand, if ZEC fails to hold gains, it may reach the immediate support zone of $30 followed by $26 soon.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/07/zcash-zec-primed-for-breakout-will-it-reach-50-this-month/">Zcash (ZEC) Primed For Breakout: Will It Reach $50 This Month?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Zcash (ZEC) Primed For Breakout: Will It Reach $50 This Month?

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