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bitcoin
Bitcoin (BITCOIN)
$108,218 -1.38%
ethereum
Ethereum (ETHEREUM)
$2,519 -2.90%
binancecoin
BNB (BINANCECOIN)
$653.86 -1.49%
solana
Solana (SOLANA)
$148.13 -3.04%
ripple
XRP (RIPPLE)
$2.23 -1.52%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 -3.88%
pepe
Pepe (PEPE)
$0.000010 -4.64%
bonk
Bonk (BONK)
$0.000017 4.49%
bitcoin
Bitcoin (BITCOIN)
$108,218 -1.38%
ethereum
Ethereum (ETHEREUM)
$2,519 -2.90%
binancecoin
BNB (BINANCECOIN)
$653.86 -1.49%
solana
Solana (SOLANA)
$148.13 -3.04%
ripple
XRP (RIPPLE)
$2.23 -1.52%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 -3.88%
pepe
Pepe (PEPE)
$0.000010 -4.64%
bonk
Bonk (BONK)
$0.000017 4.49%
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ZCash Price Prediction – Why ZEC Could Soon Hit $50

Highlights:

  • ZCash is range-bound, but momentum is building up toward the $54 resistance
  • A push through $54 could soon put $74 in focus
  • Excitement around a shift from mining could drive price action

ZCash (ZEC) is one of the top cryptocurrencies that is showing strength today. That’s despite the subdued volumes across the market because it is a US holiday. When going to press, ZCash was trading at $40.75, up by 2.56%. Unlike most top 100 cryptocurrencies, whose trading volumes are down today, ZCash trading volumes are up in tandem with the price. They are currently up 15.11% to $125.16 million. This indicates that investors are buying ZCash as the price goes up, expecting the price to be higher. The rising bullish sentiment around ZCash is not without basis; it reflects its fundamentals now and in the future. 

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Investors Excited By ZCash’s Possible Shift to Proof-of-Stake

There is anticipation that ZCash could soon shift from Proof-of-Work to Proof-of-Stake. While the idea has been with the ZCash community, it is only now gaining enough traction towards implementation. The move would push ZCash towards a path of energy efficiency similar to what Ethereum achieved in 2022. The current excitement around the idea comes from the fact that the ZCash team has now put together a roadmap towards implementation.

While it has not been communicated through official channels, FOMO around ZCash could keep growing ahead of it. Once announced officially announced, ZCash could see even more value growth. That’s because a shift towards Proof-of-Stake is not only about energy efficiency but also allows the average ZCash holder to earn passive income off their ZCash. With altcoin ETFs now becoming a thing, a future ZCash ETF that offers yield through staking makes investing in ZEC attractive. It makes ZCash highly undervalued at current prices. 

Analysts Increasingly Bullish on ZCash

Analysts also increasingly have a favorable view of ZCash. Analysts are in consensus that if ZCash rallies through its $42.5 resistance, then what could follow is a rally to $50 and above. Such projections at a time when ZCash is trading at only $40 mean that even in the short term, there is still money to be made. An increase in short-term longs could push ZEC into the weekend.

Regulations Making Privacy Coins Like ZCash Attractive

ZCash also stands to benefit from the changes in the cryptocurrency regulatory environment. There has recently been a flurry of regulations around stablecoins. These regulations, while encouraging the drawing of investments into cryptocurrencies, may mean that privacy in crypto transactions is in decline. This could create a strong demand for privacy coins.

While Monero has become the more dominant player in the privacy space, ZCash is also one of the better-known privacy coins in the market today. Its privacy tech is also one of the most respected. As such, as the demand for privacy coins grows, ZCash stands to draw in a significant portion of that demand. 

Technical Analysis – ZCash Price Rangebound But Trending Towards Resistance

ZCash is consolidating between the $54.59 resistance and the $29.27 support. However, momentum is currently to the upside, which would put the $54.59 resistance in the short term.

ZCash
Source: TradingView

If bulls garner enough momentum and push ZCash through the $54.59 weekly resistance, then prices in the $70 to $100 range could become a reality in the short term. While a correction would put $29.27 support in focus, the odds are higher for a rally through $54.59 resistance. The excitement around a possible move to PoS could help drive the price to such a price.

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