Zcash Price Pump: Strong Spot Buying Interest Drives Surge

Zcash has seen a significant price surge over the past 24 hours, gaining 4.82% and pushing its spot trading volume to $102 million, a 333.7% increase.

This uptrend is largely driven by strong spot buying interest, with hourly trading volumes reaching new highs in certain periods.

The ZEC price has broken above its 100-period Simple Moving Average (SMA) at $493.72 and is now trading around $510.78.

CoinCodex's analysis suggests that the technical structure remains firmly bullish, with higher highs and higher lows forming since late July.

The next key resistance levels are $520 and $540-$560, which could be reached if buyers can maintain strong volume and push through these levels.