ZCash (ZEC): The open interest reaches a multi -month height – is the price step coming? star-news.press/wp

Main meals

ZEC has increased more than 10 % over the past 24 hours, as market dynamics have turned from decline to climb. The open symbol’s interest has reached its highest level since July, indicating a new institutional activity that can maintain momentum.

Zcash (ZEC) stormed the spotlight today, climbing more than 10 % in the past 24 hours, at the time of the press.

This gathering is especially important because it converts the daily chart of the distinctive symbol from a declining direction to a more upward structure.

The bullish momentum was operated after the price recovery from the main demand area, which is in line with the level of Fibonacci rate – added to this step.

It is worth noting that the technical view looks optimistic. If the scales on the series continue to support this trend, the resistance area of ​​$ 57 may play soon.

Institutions retreated to the ZEC ecosystem?

One of the most striking signals comes from derivatives.

ZEC (OI )’s open interest has increased to levels that have not been seen since early July, indicating that the largest institutions and players revolve again in the market.

Historically, the height of OI, along with bullish prices, often indicates new money instead of just a short coverage, a dynamic that can keep momentum alive.

Source: Coinglass

Liquidity groups forward

However, the gathering faces some challenges.

The in -depth ABCRYPTO analysis reveals liquidity data on the ZEC series from Coinglass about a dense set of sale orders placed below the current price range.

To keep the momentum, ZEC will require constant purchase pressure to absorb this offer and prevent potential slowdown.

If the founding investors are already leading the increase, this resistance area can be tested sooner than expected.

Source: Coinglass

Currently, ZEC is one of the most powerful performance artists in a market that has witnessed enormous corrections. The combination of high open attention and the shift in the artistic structure gives bulls a reason for survival optimistic.

Whether this apostasy develops into a continuous direction it will depend on how the symbol deals with these pockets of these liquidity only.