Zcash Price Surges and Pulls Back: What’s Next After Record-Breaking Rally?

Zcash (ZEC) has experienced a dramatic price surge, reaching a high of $308 before experiencing a recent pullback. This rally follows months of stagnant price action, with ZEC currently trading around $240. While the token remains up over 460% over the past month, analysts have begun to question its sustainability in the face of slowing price momentum and increased volatility. 24-hour trading volume for ZEC stands at $730 million, indicating high intraday fluctuations after a recent breakout. Current chart patterns show an ascending wedge forming, often seen during strong rallies, which suggests a potential turning point.