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

Zcash (ZEC) 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.

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 Shielded ZEC feature.

One of the Zcash 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.

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.

Since the beginning of 2024, ZEC token 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.

Notably, the upward bullish movement and significant buying interest conveyed the demand resurgence and the token is set to catch the $50 mark ahead.

Zcash (ZEC) Looks Bullish: is Rally on the Horizon?

On the daily chart, the ZEC token has gained momentum and climbed above the key moving averages.

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.

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.

The charts reflected a strong buy outlook, 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.

@Candleboxlaw in his tweet mentioned that, ZEC has formed a rounding bottom formation and is close to the $35 mark.

have sum soup and crackers$ZEC pic.twitter.com/gqFDed0Rnu

— SHA256_Lock_Smith (@candleboxlaw) August 6, 2024

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.

What do Social Dominance and Development Activity Data Say?

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.

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.

Notably, the Futures Open Interest rose over 14.79% to $20.16 Million, signifying a fresh long buildup activity in the last 24 hours.

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.

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