Zcash (ZEC) Price Targets $594 Next Amid Pullback Risks — Will Bulls Finally Yield?

Zcash (ZEC) has significantly outperformed the weak crypto market, rising 178% in the last month and breaking above $438 following a flag breakout on October 24. The next major price target is $594, with an extended projection aiming for $847.

However, risks are mounting as open interest in ZEC futures hit a six-month high of $337 million, indicating heavy leverage betting on long positions, which increases the risk of cascading liquidations if the price drops below $450. Furthermore, a bearish divergence exists between ZEC's higher price highs and the lower highs on the Relative Strength Index (RSI), signaling weakening upward momentum.

Despite these cautionary signs, positive money flow, confirmed by a Chaikin Money Flow (CMF) reading of 0.13, continues to support the bullish structure. Bulls remain in control as long as ZEC defends the $438 level, but a close below $342 would invalidate the bullish pattern and confirm a significant pullback.

(Source：BeInCrypto)