Zcash·TRUMP, 88% Surge vs Plunge Crossroads...Where Will They Head This Weekend?

▲ Zcash (ZEC), Official Trump (TRUMP)/AI Generated Image

As the possibility of volatility concentrating around specific altcoins increases over the weekend, a short-term trading turning point is forming.

According to BeInCrypto, a cryptocurrency media outlet, on April 24 (local time), on-chain positioning, derivatives flow, and chart structures are intertwining to form a critical zone that will determine the direction of major altcoins over the weekend.

For Zcash (ZEC), a strong bullish scenario has been presented with the expansion of institutional mining participation and technical patterns forming simultaneously. Since Foundry's institutional Zcash mining pool launched around April 13, it has attracted significant hashrate, indicating increased network participation. On a daily chart, a cup-and-handle pattern has formed, with the price rising to $393.98 after a low of approximately $190.60, and is currently forming the handle section at around $341.14.

Technically, the 50-day exponential moving average is approaching the 100-day exponential moving average, raising the possibility of a bullish crossover. Breaking above the neckline, located around $400, is considered a key variable. If it breaks above the 23.6% Fibonacci retracement level of $346, the $400 range will open up, and if it surpasses $424, the cup-and-handle pattern will be completed, presenting a scenario of up to 88.94% upside. Conversely, if it falls below $298, the structure weakens, and if it drops below $232, the bullish scenario is invalidated.

Official Trump (TRUMP) is expected to experience event-driven volatility ahead of the Mar-a-Lago cryptocurrency conference scheduled for April 25. Although it has fallen by approximately 14% over the past month, Binance derivatives data for the past 7 days shows long liquidations totaling $11.26 million and short liquidations totaling approximately $10 million, indicating a slight long position dominance in the market.

However, the price structure still maintains a bearish trend. TRUMP is situated around $2.85 within a downtrend channel that has persisted since January 14, with the key support level of $2.76 identified as a short-term turning point. A break below this level could trigger long position liquidations and increase further downward pressure. Conversely, if an event-driven rebound occurs, there is potential for an approximately 20% rise to $3.44, but a structural bullish reversal would only be possible if it breaks above $3.86 on a closing basis.

With a combination of institutional supply and demand, technical patterns, and event variables at play, the altcoin market has entered a critical phase this weekend, determining its short-term direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*