Main to remember
The ZEC has jumped more than 10% in the last 24 hours, going to its lower lower market to Haussier. The open interest of the token has reached its highest level since July, signaling a new institutional activity which could support the momentum.
ZCASH (ZEC) has done its spotlight today, climbing more than 10% in the last 24 hours, at the time of the press.
This rally is particularly important because it moves the daily table of the token with a downward trend to a more optimistic structure.
The upward momentum was launched after the prices rebounded in a key demand zone, which aligned itself with a level of retracement of Fibonacci, adding the force of the decision.
In particular, the technical perspectives seem optimistic. If chain metrics continue to support the trend, the $ 57 resistance area could soon come into play.
Institutions fell in the ZEC ecosystem?
One of the most striking signals comes from derivatives.
The open interest of ZEC (OI) has climbed at levels not seen since early July, suggesting that the institutions and the largest players are turning again on the market.
Historically, the increase in the OI alongside a bullish price action often signals fresh money rather than simply short coverage, a dynamic that can keep the momentum alive.
Source: Coringlass
Upcoming liquidity clusters
However, the rally faces certain challenges.
Ambcrypto’s in -depth analysis of liquidity data on the ZEC de Correglass chain reveals a group of dense sales commands positioned just below the current price range.
To maintain the momentum, the ZEC will require sustained purchase pressure to absorb this diet and prevent a potential slowdown.
If institutional investors actually stimulate the thrust, this resistance zone could be tested earlier than expected.
Source: Coringlass
For the moment, ZEC is one of the strongest artists in a market that has experienced massive corrections. The combination of increasing open interest and a change in technical structure gives bulls a reason to remain optimistic.
The fact that this rebound evolves towards a sustained trend will depend on how the token manages these liquidity pockets just above.
