Zcash Price Eyes $672 Target After Clearing $500 Resistance
Zcash broke above $500 resistance, targeting a $672 level, but faces risks due to high correlation with Bitcoin and fragile investor sentiment.Summary
Zcash (ZEC) has staged a sharp recovery, breaking above the $500 resistance level, which confirms bullish intent from its recent ascending triangle pattern. Technically, this breakout targets a potential move toward $672, representing a significant upside from current trading levels near $524. However, the rally is complicated by several factors. ZEC's correlation with Bitcoin has reached a two-month high, meaning its price action is increasingly tied to BTC's direction, posing downside risk if Bitcoin pulls back. Furthermore, investor sentiment around Zcash remains fragile and at a multi-month low, which could limit follow-through gains. A drop back below $500 would invalidate the bullish breakout structure and expose ZEC to a potential pullback toward $442.
(Source：BeInCrypto)