The price of Zcash (ZEC) continues to rise, trading above $680 at the time of writing on Monday, building on a 47% rally over the past week. Derivatives market data shows bullish sentiment is increasing, with open interest (OI) reaching a new all-time high of $1.13 billion and long positions reaching a monthly peak. Technical analysis further supports the bullish outlook, with ZEC set to target levels above $750 if the momentum continues.
Zcash derivatives data shows bullish bias
ZEC futures OI across exchanges hit a new all-time high of $1.13 billion on Monday, data from Coinglass shows. The rising OI represents the entry of new or additional money into the market and new purchases, which could fuel the current ZEC price rally.
Additionally, the long-to-short ratio for the privacy-focused cryptocurrency stood at 1.06 on Monday, reaching a monthly high. This ratio, above one, reflects bullish sentiment in the market, as more traders are betting on ZEC to rally.
some symptoms of anxiety
Despite the bullish outlook for ZEC, CryptoQuant’s summary data shows some signs of concern worth watching. Both spot and futures markets are showing signs of retail activity potentially heating up.
Zcash price forecast: ZEC bulls eye $750 mark
After surging by more than 47% on Sunday, Zcash price found support around the 161.8% Fibonacci extension at $578.53. At the time of writing on Monday, ZEC extended its gains to trade above $680.
If Zcash continues its uptrend, it could extend the rally to the key psychological level of $750.
The Relative Strength Index (RSI) on the daily chart is 83, which is above the overbought boundary, indicating strong bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover that is intact, with the green histogram rising above the neutral level, indicating a continuation of the uptrend.
On the other hand, if ZEC faces a correction, it could extend the decline to the daily support at $511.41.
