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Why Is ZCash Up Almost 10% Today?

 


The cryptocurrency is currently seeing mixed performance as BTC and other leading cryptocurrencies underperform.


The broader cryptocurrency market has seen mixed performance since the start of the day. Bitcoin, the world's leading crypto by market cap, is down more than 1% today and is still trading below $40,000 per coin.


Ether is also down more than 1% of its value over the past 24 hours and risks falling below the $2,500 level 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 performing among the top 50 cryptocurrencies by market cap.


ZEC has increased in value by more than 10% over the past 24 hours, outperforming the broader market, which has lost less than 1% of its value over the 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 past seven days.


Important levels at a glance

The ZEC/USD 4 hour chart is the most bullish among the top 50 cryptocurrencies by market cap. The technical indicators show that ZEC is currently performing excellently.




The MACD line crossed the neutral zone a week ago and remains above this level.


The 14-day Relative Strength Index of 58 shows that ZEC could soon enter overbought territory if positive momentum holds.


At the time of writing, ZEC is trading at $154 per coin. If the bulls remain in control, ZEC could trade above the USD 167 resistance level for the first time since December.


However, the second resistance level at $180 should limit further upside in the short-term.

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