Zcash Soars on Bitget Listing: Is a $605 Retest Imminent?

Zcash Price Jumps After Bitget Listing

Zcash (ZEC) has experienced a significant price surge following its recent listing on the Bitget exchange. This development has not only increased liquidity but also rekindled interest in privacy-focused cryptocurrencies. The newfound momentum suggests potential for further growth as traders react to the enhanced exchange support.

Breakout Momentum: Can ZEC Sustain?

The recent price breakout sees ZEC moving above its descending channel, hinting at a shift towards higher lows. This structural change, alongside improving MACD momentum, indicates a strengthening recovery. Resistance is noted around $443, with potential targets of $526 and $605 if current momentum is maintained.

Open Interest Rises, Indicating Increased Leverage

Open Interest (OI) has surged over 11% to $946.46 million, reflecting heightened leverage among traders. This increase aligns with Zcash's improved price structure, suggesting traders anticipate further upside. However, increased OI could lead to more volatility as market reactions amplify.

Short Sellers Face Pressure Amid ZEC Gains

Short sellers are under pressure as liquidations highlight a $3.64M loss compared to $678K in long liquidations. This imbalance suggests sellers are struggling to maintain key levels, propelling ZEC's upward momentum. The focus remains on the $360 zone, where any reversal could introduce volatility.

Final Thoughts

• Zcash's breakout structure, rising open interest, and short-side pressure support a bullish momentum towards higher resistance levels.
• Traders are monitoring key zones, but the current dynamics show bullish control over potential upside.