However, over the past 24 hours, the cryptocurrency has partially recovered its losses and is now hovering around $368. There are currently signs of continued growth.

On the daily chart, the Zcash price has formed a multi-month bullish pennant, a pattern typically considered a continuation signal when it appears during a sustained uptrend.

A breakout of this pattern could lead to a parabolic rally in the digital asset in the coming months. Such a trend is often observed after breakouts of such a robust technical structure. Momentum indicators such as the MACD and RSI also show that the bulls have enough strength to trigger a breakout. Notably, the MACD lines appear to be about to cross in a bullish direction, while the RSI has rebounded from oversold levels and is approaching the neutral threshold.

For Zcash, a strong upward move that breaks the psychological resistance level of $400 could trigger a rise to $700. This target is calculated by adding the height of the previous flagpole to the breakout price. At the time of publication, this target was 90% above the current price.