Zcash Needs a 59% Surge for Full Recovery — Can the Market Deliver?
Zcash is attempting recovery after a major drop, but its negative correlation with Bitcoin and the need for a 59% surge create uncertainty.Summary
Zcash (ZEC) is showing signs of recovery following a recent 40% rally after suffering a steep decline that cut its valuation by over half in November. The Relative Strength Index (RSI) has moved above the neutral 50.0 mark, suggesting strengthening bullish sentiment.
However, ZEC faces challenges, notably its current negative correlation of -0.47 with Bitcoin. If Bitcoin rises, this divergence could limit ZEC's upside potential, though a Bitcoin decline might allow ZEC to rally independently. Currently trading around $439, ZEC needs a nearly 59% climb to reach $700 and fully recover its previous losses.
Short-term resistance lies at $442; breaking this could lead to $520. Conversely, if the negative correlation acts as a headwind, ZEC risks falling back to support levels around $403 or $340, potentially erasing recent gains.
(Source：BeInCrypto)