Zcash price surged by 10% in the past 24 hours after news of OKX considering ZEC for relisting. The sudden rally pushed Zcash above $57, signaling strong bullish momentum. Traders are already positive and are looking to gain more as the privacy-centric cryptocurrency gains increased interest.
Zcash price outlook emerged as the top-performing asset in the crypto market during this period. This prominent increase comes after a week of uncertainty and mixed feelings among the investors.
In the meantime, the overall crypto market recovered by 2.68% following a previous drop of 9.09% in the week before. BTC, ETH, SOL, and XRP also registered a small 24-hour recovery.
OKX Relists Zcash, Spot Trading Resumes Soon
Zcash (ZEC) is returning to OKX, one of the largest cryptocurrency exchanges in the global market.
On November 23, OKX announced in its Chinese blog that it will re-list Zcash, the most privacy-oriented cryptocurrency.
At 12:00 UTC, November 24, the ZEC/USDT spot trading will become operational. OKX users will be able to deposit ZEC already, and withdrawals will be provided two hours after the trading has started.
The relisting is important, with OKX already delisting Zcash, Monero (XMR), and Dash (DASH) between January 4–5, 2024. The delisting was a larger regulatory compliance initiative
The largest offshore crypto exchange serving the Chinese-speaking community, OKX, seems to be turning around. The bulls have become strongly interested in Zcash because of this change. After the announcement, ZEC shot up dramatically, reaching a local high of $601.
This change is significant in the position of OKX on privacy coins and demonstrates that the market has new confidence in the future of ZEC.
How High Can Zcash Price Go This Week?
The latest Zcash price climbed to $574.31, and has seen a strong surge after holding a key support area.
The MACD approaches a potential bullish crossover, with the bearish pressure gradually decreasing. The reduction of red histogram bars indicates that the sellers are in discharge with the buyers withdrawing from the market.
The RSI is approaching the mid-40 area following previous oversold situations. This stance leaves Zcash with room to go up further in case market moods become optimistic.
ZEC/USD 4-hour chart: TradingviewIf downward pressure returns, support rests at $550, with deeper support below that threshold. The first upside target sits at $620, which remains a major short-term hurdle. A successful breakout could open the path toward $700, the next significant resistance region.
Source: https://coingape.com/markets/zcash-price-soars-10-as-okx-eyes-zec-relisting/
