Zcash (ZEC) is experiencing a surge in price, gaining over 30% in the last three trading sessions. This increase in price could be attributed to MetaMask’s decision to donate $150k towards the development of MetaMask Snap, which will support the Shielded ZEC feature.
The Zcash community is also exploring ways to expand the Zcash ecosystem, with suggestions to allocate $150,000 for development. This includes the development of a browser-enabled library for web purses and plug-ins for browsers.
With these significant developments in the ecosystem, ZEC has surpassed the 200-day EMA mark and is poised for a major breakout. Previously trading within a consolidation phase, ZEC has now reached the upper range near $35, indicating a potential escape from the range and an upward trend targeting $50.
On the daily chart, ZEC has gained momentum and surpassed key moving averages. It recently experienced a rebound of over 70% after forming a double bottom pattern within the demand zone. As of now, ZEC is trading at $32.79 with a bullish swing.
Technical analysis further supports the bullish outlook, with a golden crossover formation indicating a breakout is imminent. If ZEC manages to hold gains above the $30 mark, a significant short covering move is expected.
Social dominance and development activity data also suggest positive growth for ZEC. The recent partnership with MetaMask has fueled growth in the ecosystem, with development activity surging by over 12%. However, investor activity remains low, as indicated by a decrease in the dominance curve and media buzz around ZEC.
Despite these metrics, futures open interest has risen by 14.79% to $20.16 million, indicating a buildup of long positions in the last 24 hours.
If ZEC continues its bullish momentum, it could reach the upper cluster of $40 and even $45 in the near future. However, failing to hold gains may lead to a decline towards the support zones at $30 and $26.