Zcash has rallied nearly 40% over the past week, pushing its price to around $675. ZEC gained roughly 19% in the latest 24-hour period, while trading volume climbed above $1 billion.

The rally has brought ZEC close to the $680–$700 resistance zone. This area previously stopped the price from moving higher, making it the biggest immediate test for buyers.

What Triggered the Zcash Rally?

The rally accelerated after ZEC broke through several resistance levels, including $520 and $590. These breakouts attracted momentum traders and forced some traders betting against ZEC to close their positions.

Interest in privacy-focused cryptocurrencies also helped. Meanwhile, renewed institutional attention and wider strength across the crypto market gave buyers more confidence.

However, derivatives trading played a large role. ZEC futures volume reached roughly $4.55 billion, compared with about $553 million in spot volume. Open interest stood near $1.35 billion.

That imbalance shows that leveraged traders are heavily involved. Leverage can push prices higher quickly, but it can also make a pullback sharper if momentum changes.

ZEC’s Larger Trend Remains Bullish

On the two-hour chart, ZEC trades well above all four major exponential moving averages. The 20-period average sits near $609, followed by the 50-period average at $567. The longer-term averages remain lower at approximately $539 and $519.

In simple terms, recent prices are rising much faster than their longer-term averages. That confirms a strong upward trend.

The two-hour MACD also remains positive. This indicator measures momentum, and its current reading suggests buyers still control the larger move.

Short-Term Momentum Is Starting to Cool

The main warning comes from the Relative Strength Index. The two-hour RSI has reached almost 86, well above the level commonly considered overbought.

On the 30-minute chart, the RSI remains above 73. The MACD has also produced a small bearish crossover, meaning the speed of the rally has started to slow. It does not confirm a reversal, but it often appears before a pause or pullback.

Meanwhile, the five-minute chart remains positive. Buyers are still defending dips, suggesting that the rally has not broken down yet.

Zcash Price Forecast: $750 or a Drop Below $600?

The most likely near-term scenario is consolidation or a pullback toward $620–$650, followed by another attempt at $690–$700.

A strong close above $700, supported by high volume, could open the way toward $733 and eventually $750. 

Based on the current structure, ZEC has an estimated 50%–55% chance of reaching $700–$733 within a week. The probability of reaching $750 is closer to 40%.

However, a sustained close below 590–600 would weaken the breakout and expose support near $567 and $539.

These projections reflect technical probabilities and do not constitute investment advice.

Source: BeInCrypto