Important points
ZEC is the best performing cryptocurrency among the top 30 cryptocurrencies by market capitalization, gaining 12% in the past 24 hours.
The coin is currently trading above $350 and could rise further in the short term.
ZEC soars above $350 as rally continues
ZEC, the native coin of the ZCash ecosystem, continues to rise, gaining 12% in the past 24 hours. This rise came after the coin’s value increased by 380% in the past 30 days, outpacing other major cryptocurrencies.
This strong performance comes after Solana, the world’s second largest smart contract platform, launched wrapped ZEC via the Zolana Bridge. The wrapped token functions as a standard Solana Program Library (SPL) token. Therefore, native Zcash does not offer the inherent privacy protections.
Additionally, it is backed 1:1 by native ZEC, but does not hide balances or transaction data.
ZEC targets $400 as bullish trend continues
The 4-hour chart of ZEC/USD is bullish and efficient as the coin continues to rise. Technical indicators are bullish and suggest that buyers are currently in control. Due to the bullish trend, ZEC price may rise in the short term.
The Relative Strength Index (RSI) of 67 indicates a bullish bias, with buyers currently in control. The MACD line is also within positive territory, suggesting that prices may rise sharply in the short term.
If this bullish trend continues, ZEC could rise towards the $400 level in the coming hours or days. If the bullish development continues, ZEC could reach a multi-year high of $500 in the coming days and weeks.
However, if ZEC faces a correction after its recent rally, it could see a reversion to the $318 ILQ in the coming hours. In case of further downtrend, ZEC could fall to the major support and TLQ level at $235. This support level is likely to hold in the medium term, allowing ZEC to build on its recent performance.
