Zcash News Today: Zcash Breaks EMA, Crypto Traders Eye $512 Resistance as Market Stabilizes

Cryptocurrency Market Recovery Analysis

Zcash (ZEC), MYX Finance (MYX), and MemeCore (M) are leading the cryptocurrency market's recovery, with each seeing double-digit gains over the past 24 hours. The broader crypto market has shown signs of stabilization, and investors are closely watching key technical indicators to determine the next move. Zcash, in particular, has broken through its 50-day EMA and is now targeting the $512 resistance level.

MYX Finance remains in a consolidation phase, trading between converging moving averages and struggling to break above the $3.17 mark. MemeCore, on the other hand, is on a five-day rally, with its price surging over 30% this week. The token's ability to sustain a daily close above $1.52 could validate a bullish double-bottom pattern.

The technical outlook for Zcash is positive, with the RSI and MACD indicators showing upward momentum. The RSI is currently at 52 on the daily chart, suggesting rising buying pressure. Meanwhile, the MACD triggered a buy signal with a bullish crossover on Thursday, reinforcing the asset's potential for further gains.

Market Dynamics Favoring Zcash

Zcash's recent price action reflects growing institutional interest and a shift in on-chain flows. The asset has recorded $4.4 million in spot inflows, reversing a weeks-long trend of outflows. This development signals that buyers are returning after a prolonged distribution phase. The price is currently testing the $447–$450 Fibonacci retracement zone, which could serve as a breakout threshold for further gains.

Developers are also working to improve the network's fee model, aiming to reduce congestion and improve user experience. A dynamic fee system is being proposed to adjust costs based on recent on-chain activity, making transactions more predictable. This upgrade is seen as essential for supporting long-term scaling and attracting institutional adoption.

MYX Finance and MemeCore in Technical Limbo

MYX Finance is caught between its 50-day and 200-day EMAs, with the 50-day EMA at $3.17 acting as an immediate resistance level. If the token manages to break above this threshold, it could target the R1 Pivot Point at $3.73. However, the MACD and signal line are approaching a potential bearish crossover, which could limit upward momentum if not countered by strong buying activity.

MemeCore, meanwhile, is on an upward trajectory that has extended for five consecutive days. The token's RSI is approaching the midline, indicating a shift away from bearish pressure. The MACD and signal line remain in a bullish crossover, supporting the idea that the asset is gaining momentum. However, a reversal below $1.52 would invalidate the double-bottom pattern and expose the $1.19 support level.

Institutional and Developer Support

Institutional interest in Zcash is rising, with entities such as the Winklevoss-backed treasury and Reliance Global increasing their holdings. Reliance recently shifted its entire digital asset portfolio into Zcash, citing its privacy features and long-term scarcity as key factors. Additionally, Grayscale has filed to convert its Zcash Trust into a spot ETF, signaling growing institutional confidence in the asset.

On the regulatory front, Zcash founder Zooko Wilcox has been invited to participate in a roundtable on privacy and financial oversight scheduled for December 15. This development underscores the growing recognition of privacy-focused assets in policy discussions and could lead to increased adoption in regulated markets.

What This Means for Investors

Investors are now watching key levels to determine the next phase of the market's recovery. For Zcash, a close above $450 would confirm a breakout and open the path toward $486 and $535. Failure to break the 0.618 Fibonacci retracement level could keep the asset in a mid-range consolidation pattern.

Meanwhile, MYX Finance's ability to break out of its trading range will depend on whether buyers can push the price above $3.17. A successful breakout would signal renewed bullish momentum, while a failure could lead to a test of the $1.90 support level. For MemeCore, maintaining a daily close above $1.52 is critical to confirming the double-bottom pattern and extending the rally toward the $1.99 resistance level.