Zcash Price Surge Faces Uncertainty Amid Technical Indicators and Market Shifts
The price of Zcash (ZEC) has been on an unprecedented surge lately, but its major uptrend is facing uncertainty. The token's value rose to almost $1,300, a ten-year high, before bears stepped in and erased most of the gains.
Despite this, experts are watching for signs that the rally may resume. One potential catalyst is the launch of Grayscale's ZEC ETF, which could attract more investors.
However, there are concerns about a pullback. According to Ali Martinez, the TD Sequential indicator flashed a sell signal on the 3-day chart, which could result in a 64% price correction, similar to what happened last May.
Other factors contributing to this uncertainty include ZEC's RSI soaring above 70 and entering bearish territory and the shift from self-custody methods to centralized platforms, increasing immediate selling pressure.