Why is ZCash up by nearly 10% so far today
The cryptocurrency is currently experiencing a mixed performance as BTC, and other leading cryptocurrencies underperform.
The broader cryptocurrency market has been experiencing a mixed performance since the start of the day. Bitcoin, the world’s leading crypto by market cap, is down by more than 1% so far today and still trades below $40k per coin.
Ether has equally lost more than 1% of its value in the last 24 hours and risks dropping below the $2,500 mark if the bearish momentum continues.
However, the total cryptocurrency market cap remains above the $1.7 trillion level. ZEC, the native token of the Zcash ecosystem, is the best-performer amongst the top 50 cryptocurrencies by market cap.
ZEC has added more than 10% to its value over the last 24 hours, outperforming the broader market, which has lost less than 1% of its value during that period.
There is no major catalyst behind ZEC’s ongoing rally. However, the privacy-focused cryptocurrency has added more than 30% to its value over the last seven days.
Key levels to watch
The ZEC/USD 4-hour chart is the most bullish amongst the top 50 cryptocurrencies by market cap. The technical indicators show that ZEC is performing excellently at the moment.
The MACD line crossed the neutral zone a week ago and continues to stay above that level.
The 14-day relative strength index of 58 shows that ZEC could soon enter the overbought region if the positive momentum is maintained.
At press time, ZEC is trading at $154 per coin. If the bulls remain in control, ZEC could trade above the $167 resistance level for the first time since December.
However, the second resistance level at $180 should cap further upward movement in the short term.