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Zcash rallied over 490% in the last 30 days and also crossed the $5 billion market capitalization threshold for the first time on Sunday.
💡 DMK Insight
Zcash’s 490% rally in just 30 days is a game-changer, but traders need to tread carefully. This surge not only pushed Zcash’s market cap past $5 billion but also raises questions about sustainability. Such rapid gains often attract profit-taking, especially if we see resistance around key psychological levels. Traders should keep an eye on the $100 mark, as it could serve as a pivotal point for both bulls and bears. If Zcash retraces, it might test support levels around $80, which could present a buying opportunity for swing traders. However, the broader crypto market’s sentiment is also crucial. If Bitcoin and Ethereum show weakness, Zcash could follow suit despite its recent strength. Watch for any news or developments that could impact the overall market, as these can trigger volatility. Keep an eye on trading volumes; a drop could signal a reversal or consolidation phase ahead.
📮 Takeaway
Monitor Zcash around the $100 resistance level; a pullback to $80 could offer a buying opportunity if broader market conditions remain stable.
