ZCash has experienced a 5% price increase over the last 24 hours, according to data from CoinMarketCap. This growth is paired with a significant 56% surge in daily trading volume.

Price Targets and Resistance

The altcoin is currently aiming for the $400 resistance level, building on its recent recovery from the $300 mark approximately two weeks ago. Analysis from AMBCrypto in April pointed to a bullish long-term price structure for ZCash, suggesting the current rally may continue.

Short-Term Challenges

Despite the overall positive outlook, ZCash is encountering resistance from a short-term trendline. This is currently limiting further price gains. Trading volume has also slowed down in the past week, presenting an obstacle to continued upward movement.

Technical Indicators Support Bullish Sentiment

The swing structure of ZCash reveals a bullish pattern, supported by key Fibonacci retracement levels. The $187 level represents the 78.6% retracement, and the $308 area has recently acted as a strong demand zone, corresponding to the 61.8% retracement level.

The Relative Strength Index (RSI) on the daily timeframe has consistently remained above the neutral 50 mark, indicating sustained bullish momentum. Additionally, the On-Balance Volume (OBV) has shown a substantial increase throughout April, signaling strong buying pressure.

Trading Strategy and Profit-Taking

Traders are advised to remain bullish but prepare to take profits around the $370-$390 supply zone. A 4-hour chart analysis suggests a potential range formation between $301 and $368.

Liquidation Levels

A dense cluster of short liquidations exists between $370 and $390, which could attract the price of ZEC higher before a potential rejection. Traders should consider this area as an opportunity to secure profits.

A breakout above $390, followed by a retest of that level as support, would present a favorable buying opportunity. However, a drop below $207.88 would shift the swing structure to a bearish stance, though this appears unlikely in the coming weeks.