$ZEC Zcash hits 1k for the first time in nearly a decade. How much higher can it go?
Zcash has surged nearly 100% over the past month, breaking above 1k for the first time since its early trading days.
The rally has been supported by growing ETF demand and a major short squeeze. Around 34.5 million worth of ZEC short positions were liquidated during the breakout, adding further buying pressure.
Open interest has also jumped from around 1.6 billion to 2.4 billion, showing that leverage in the market remains extremely high.
The key level now is 1k.
The 985 to 1005 zone is the first major support area. If ZEC holds above this zone and breaks the recent high around 1045 to 1055, the next target could be 1100.
However, momentum is becoming overheated. Daily RSI is near 80, while the 4 hour RSI is around 70.
If ZEC loses 1k, the next support could be around 935 to 955. A deeper drop toward 900 would weaken the bullish structure, while a break below 850 could bring ZEC back into its previous accumulation range.
For now, the trend remains strongly bullish, but rising leverage is the biggest risk.
If too many traders continue opening leveraged long positions, even a small correction could trigger another wave of liquidations. #ZECHitsANewAllTimeHigh #USWeeklyInitialJoblessClaimsRiseTo206000
Zcash has surged nearly 100% over the past month, breaking above 1k for the first time since its early trading days.
The rally has been supported by growing ETF demand and a major short squeeze. Around 34.5 million worth of ZEC short positions were liquidated during the breakout, adding further buying pressure.
Open interest has also jumped from around 1.6 billion to 2.4 billion, showing that leverage in the market remains extremely high.
The key level now is 1k.
The 985 to 1005 zone is the first major support area. If ZEC holds above this zone and breaks the recent high around 1045 to 1055, the next target could be 1100.
However, momentum is becoming overheated. Daily RSI is near 80, while the 4 hour RSI is around 70.
If ZEC loses 1k, the next support could be around 935 to 955. A deeper drop toward 900 would weaken the bullish structure, while a break below 850 could bring ZEC back into its previous accumulation range.
For now, the trend remains strongly bullish, but rising leverage is the biggest risk.
If too many traders continue opening leveraged long positions, even a small correction could trigger another wave of liquidations. #ZECHitsANewAllTimeHigh #USWeeklyInitialJoblessClaimsRiseTo206000
