Technical outlook: Will Zcash outgrow the triangle pattern?

Zcash $ZEC is down 1% at press time on Wednesday, trading close to the 38.2% Fibonacci retracement level at $231, measured from the $34.45 low to the $750 high. The near-term bias is neutral with a mild bullish tilt, as price holds above $220 following the sharp rebound from sub-$200.
Zcash fluctuates within the broader triangle defined by a long-standing descending resistance trendline and a rising support trendline on the daily chart. A decisive close above the overhead trendline near $265, which connects the highs of December 29 and March 16, would confirm the bullish breakout. A potential rally could target the 23.6% Fibonacci retracement level at $362.
The Moving Average Convergence Divergence (MACD) line remains above the signal line as both approach the positive territory, though recent flattening of the histogram signals waning upside momentum rather than outright weakness. The Relative Strength Index (RSI) at 50 reflects balanced conditions after recovering from the mid-40s.