Zcash Price Halted by Bears, Cardano and Ethereum Prices in Focus
Zcash's (ZEC) price surge has caught the attention of crypto enthusiasts. After reaching a ten-year high of almost $1,300, bears stepped in and erased much of the gains, leaving investors wondering if the rally will resume.
The token has been the top performer over the past few weeks, with its price increasing by 130% in a month. Its market capitalization temporarily surged past $20 billion, but potential catalysts include the launch of Grayscale's ZEC ETF and other factors discussed in a previous article.
However, according to Ali Martinez, several key developments suggest a more substantial pullback may be on the horizon. The TD Sequential indicator flashed a sell signal on the 3-day chart, which previously resulted in a 64% price correction. Additionally, ZEC's RSI soared above 70 and entered bearish territory, while the shift from self-custody methods to centralized platforms increases immediate selling pressure.
Meanwhile, Cardano's (ADA) native token is up 12% on a monthly scale and continues to trade above the psychological $0.20 mark. Some market observers predict a potential price explosion to an all-time high of $8 for ADA, while others are more cautious, outlining lower targets.
Ethereum (ETH) has been hovering around $2,500 for the past several days, currently trading slightly below that level. Analysts disagree on whether the price will continue to rise or fall, with some predicting a rally to $3,000 and others expecting a drop to $2,000 before starting a new bull run.