Key Points
- ZEC has surged by over 20% within 24 hours, entering the top 25 cryptocurrencies.
- BitMEX co-founder Arthur Hayes’s post and on-chain developments have contributed to the rally.
The week began with an impressive rally for [NC], which saw a surge of over 20% within a day, surpassing all other top 50 cryptocurrencies in terms of market cap.
This increase added over $1 billion to its market capitalization, propelling ZEC into the top 25 cryptocurrencies.
Current Trading Value
At the moment, ZEC is trading at around $354, which is its highest level in nearly four years.
The price rally of ZEC, which kicked off earlier in October, gained momentum after a post by BitMEX co-founder Arthur Hayes, a prominent figure in the crypto world.
In his post on X on October 26, Hayes described ZCash as a “vibe check” and suggested that the token could eventually reach $10,000.
Trading Volume Spike
This post quickly gained popularity, causing a rush of traders who didn’t want to miss out. The rally also resulted in a massive 250% increase in trading volume, which currently stands at around $1.6 billion.
Despite Zcash still being 93% below its 2016 all-time high of $5,941, the renewed momentum has led to speculation that it could finally reach a new peak.
On-Chain Developments
Aside from social media hype, analysts believe that the rise of Zcash reflects a renewed investor focus on privacy coins as governments worldwide tighten crypto oversight.
Recent on-chain data shows a record surge in shielded transaction volumes, indicating a deeper adoption of Zcash’s privacy features.
Zcash’s developers have also announced upcoming upgrades, such as Network Update 6.1, which will improve cross-chain interoperability and scalability.
The cryptocurrency’s integration into THORSwap’s cross-chain ecosystem has also increased its accessibility within decentralized finance (DeFi). These developments have strengthened Zcash’s fundamentals and helped drive renewed investor confidence.
ZEC Price Eyes $420
Zcash’s daily price chart suggests a strongly bullish structure, with many believing it could be the next crypto to explode. The RSI suggests ZEC is in overbought territory, a condition often seen before short-term corrections.
However, sustained bullish momentum could keep the price high if buyers maintain control. A close above $375 could signal continuation toward the next resistance near $420.
The Bollinger Bands show ZEC pushing above the upper band, suggesting the ongoing uptrend is strong. But in case of a price drop, key support lies around the mid-band (20-day SMA) at $250.
The MACD indicator remains bullish, with the MACD line trending above the signal line and widening, a sign of strong buying momentum. However, traders should watch for potential divergences or crossovers that might signal fading momentum.
