Zcash Price Forecast: ZEC Bulls Target $750 as the Open Interest Spikes

Highlights:

• The Zcash price has kicked off the week, trading above $630, marking a 66% weekly pump.
• The open interest has soared to a new ATH at $1.13 billion, indicating a flow of new money into ZEC market.
• The technical outlook indicates bullish sentiment, with the bulls targeting the $750 mark soon. 

Zcash price sustained its robust uptrend and is currently trading above $630, kicking off the week in the green. The ZEC daily trading volume has, however, slipped 38% indicating a drop in trading activity. In the meantime, ZEC is showing a 3.2% surge, as the bulls signal intense hype, following a 66% weekly pump. 

Meanwhile, according to derivatives market data, the market is increasingly bullish, and Open Interest (OI) has reached a new all-time high of $1.13 billion. The long positions reached are also superceding the shorts, indicating a bullish outlook. The positive outlook is also reinforced by technical analysis, as ZEC is likely to hit levels above its recent $750 ATH if the momentum steadies.

ZEC Open Interest Spikes as Bulls Aim for Higher Levels

According to CoinGlass data, ZEC’s future OI on exchanges reached a new all-time high of $1.13 billion on Monday, before retracing to $1.03 billion. The increasing OI is the money coming in and new purchases in the market. This further explains the recent rise in Zcash’s price.

Moreover, the long-to-short ratio of the privacy-oriented cryptocurrency (ZEC) stood at 1.0194 on Monday. This ratio is over 1, indicating bullishness in the markets, with increased traders betting on ZEC to rise. 

Zcash Price Poised for a Rally to $750

The Zcash price action shows the token trading at $634, with a 1-day candle signalling further upside and strong bullish momentum. The 50-period Simple Moving Average (SMA) is currently at $263, and the price is well above it, confirming that the trend is our friend for now. The recent breakout, hitting $750 at its peak, suggests this token’s got some serious gas in the tank.

Digging into the indicators, the RSI at 81.36 is in the overbought territory, so we’re in hype mode. This could signal a looming pullback if momentum cools, so keep a close eye on it.

The 66% weekly pump has pushed Zcash price into uncharted territory, with resistance around the recent ATH at $750. If it breaks past that high, we could see a rally towards $800 or more. However, the overbought RSI and potential profit-taking could trigger a dip back to the $605 support level. A solid entry might be on a pullback to these zones, offering a better risk-reward ratio.

For the long haul, the privacy-oriented crypto (ZEC) theme might keep the token hype alive, especially if community buzz grows. But with volatility this high, it is advised to set those stop losses. The chart’s upward trajectory lately shows resilience, but timing is everything. It’s not too late if you’re a risk-taker, but wait for a dip or confirmation above $750 for safer plays.