Zcash (ZEC) Rises While Bitcoin Declines – Could This Special Coin Rise 49%?

Zcash has seen a sharp rise in recent weeks as the demand for private coins increases in the market. ZEC Rise is characterized by its limited correlation with Bitcoin, which allows it to operate independently during periods of volatility.

This unique behavior sparked new interest and contributed to the growth of ZEC.

Zcash is independent

Zcash is currently correlated with Bitcoin at -0.78, indicating a strong negative correlation. This means that ZEC is moving in the opposite direction to BTC, which is very useful at a time when Bitcoin is trading close to $90,000 after several days of decline. ZEC could decouple from BTC to avoid a wide market decline.

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This negative correlation has been in place since early November, reinforcing ZEC’s resistance. While the correlation remains below zero, Zcash will be less vulnerable For Bitcoin paid settlement.

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Macro indicators also indicate favorable conditions. Zcash filter map revealed Short sellers should approach the market with caution. If ZEC rises to $788, short positions worth about $51 million could be liquidated. This creates an additional incentive for traders to avoid pessimistic strategies.

Large liquidation pools often discourage short positions and can increase upside because forced liquidations increase the price movement. For ZEC, reaching these levels will disrupt the pessimism and provide additional support for continued appreciation.

The price of ZEC coin has a lot of room to grow

Zcash is trading at $671, sitting below the $700 resistance level. The altcoin has gained 65.5% since the beginning of the month. This reflects strong market participation and growing interest from individual and institutional traders.

If the momentum continues, ZEC could increase About $1,000, which is 49% above current levels. Reaching this goal in 10 days is possible if the support of investors remains firm. To reach $1,000, ZEC must first break and turn the $700, $800 and $900 levels into support.

However, if selling pressure increases, ZEC could lose momentum It falls to $600. A deeper correction could push the price towards $520, invalidating the current bullish thesis, and leaving the altcoin vulnerable to a collapse.