bitcoin
Bitcoin (BITCOIN)
$113,039 0.02%
ethereum
Ethereum (ETHEREUM)
$4,180 -0.49%
binancecoin
BNB (BINANCECOIN)
$1,016 0.74%
solana
Solana (SOLANA)
$212.16 -3.50%
ripple
XRP (RIPPLE)
$2.88 0.30%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 0.00%
pepe
Pepe (PEPE)
$0.000010 0.17%
bonk
Bonk (BONK)
$0.000021 -0.63%
bitcoin
Bitcoin (BITCOIN)
$113,039 0.02%
ethereum
Ethereum (ETHEREUM)
$4,180 -0.49%
binancecoin
BNB (BINANCECOIN)
$1,016 0.74%
solana
Solana (SOLANA)
$212.16 -3.50%
ripple
XRP (RIPPLE)
$2.88 0.30%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 0.00%
pepe
Pepe (PEPE)
$0.000010 0.17%
bonk
Bonk (BONK)
$0.000021 -0.63%
bitcoin
Bitcoin (BITCOIN)
$113,039 0.02%
ethereum
Ethereum (ETHEREUM)
$4,180 -0.49%
binancecoin
BNB (BINANCECOIN)
$1,016 0.74%
solana
Solana (SOLANA)
$212.16 -3.50%
ripple
XRP (RIPPLE)
$2.88 0.30%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 0.00%
pepe
Pepe (PEPE)
$0.000010 0.17%
bonk
Bonk (BONK)
$0.000021 -0.63%
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
ZCash Price Analysis: ZEC Could Rally to $100 If Multi-Month Resistance Gives Way

Highlights:

  • ZCash is trading at the $54.59 multi-month resistance
  • A rally through this resistance could send ZCash to $100 short term
  • Multiple network upgrades are likely to drive ZEC FOMO going into the future 

ZCash (ZEC) is green today, even as the broader market remains directionless primarily. At the time of going to press, ZCash was trading at $53.67, up by 8.03% in the day. At the same time, ZCash trading volumes have also shot up during the day. They are up by 19.49% to stand at $122.33 million. 

Advertisement

Banner

This is a positive indicator for ZCash as it means that money is flowing in strongly even as the price rises. It is a decisive vote of confidence by investors in ZCash and could significantly influence its price action in the future. A couple of factors support the ongoing bullish sentiment around ZCash.

Chart Analysts Point to Potential 600% Rally for ZCash

One of them is its chart patterns, which have got many analysts making bold predictions for ZCash. Analysts are in consensus that with an RSI of 60, ZCash exhibits strong momentum, but has yet to get into overbought territory. At the same time, analysts’ bullish sentiment is buoyed by the fact that ZCash has broken through and is currently trading above several major moving averages.

Based on these technical price movements, analysts are projecting that ZCash could soon rally to prices as high as $300 in the foreseeable future. This is ambitious and would represent gains of up to 600% from the current price levels. However, due to ZCash’s recent price action, such predictions and their anchoring on technicals increasingly drive FOMO. This could cause ZCash to push higher in the short to medium term. 

ZCash Network Upgrades Driving Positive Investor Sentiment

Besides the growing excitement driven by technical price action, a lot is happening within the ZCash ecosystem that could send the price higher in the short to medium term. Last month, August, the ZCash team implemented version 6.3.0 of the ZCash client. The new version has made ZCash transactions more efficient and has laid the groundwork for even more privacy-focused upgrades in the future. ZCash storage is also getting better.

Recently, a ZCash wallet called Zashi has refined its software to increase the shielding of all ZCash transactions and make cross-chain swapping even easier. The move by the Zashi wallet is a big deal for ZCash, given that wallet complications have been one of the biggest hindrances to adopting and using privacy coins. It could trigger a surge in ZCash long-term holders, which could positively affect the price long-term. 

Several Critical Upgrades Coming Up for ZEC

The best part is that many other upgrades are coming to ZCash that could send its price to new highs in the foreseeable future. One of the most-awaited network upgrades is the CrossLink upgrade. This network upgrade is set to introduce a hybrid version of Proof-of-Work and Proof-of-Stake.

It is expected to strengthen ZCash even further and could help draw in retail and institutional capital. With the macro environment increasingly favoring risk-on assets, ZCash’s intraday price action could be a precursor to much stronger movements going into the future. 

Technical Analysis – ZCash Struggling At Critical Resistance Level

In the last 24 hours, ZCash has been trading around the $54.59 multi-month resistance. If bulls are strong enough to push through this resistance, then a rally to $100 could follow.

Zcash
Source: TradingView

However, if bulls lose momentum and the push at $54.59 fails, two scenarios could play out. The first is a possible consolidation below the resistance before a second attempt. In the second scenario, bears take control and push ZCash to the $48.52 support. Of these two scenarios, the odds are higher for a rally to $100. That’s because a lot is happening within ZCash that can trigger FOMO in the short to medium term.

eToro Platform

Best Crypto Exchange

  • Over 90 top cryptos to trade
  • Regulated by top-tier entities
  • User-friendly trading app
  • 30+ million users
9.9

5 Stars

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Advertisement

Banner

Advertisement

Banner

Advertisement

Banner