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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000019 -3.08%
bitcoin
Bitcoin (BITCOIN)
$122,235 -0.78%
ethereum
Ethereum (ETHEREUM)
$4,361 -3.22%
binancecoin
BNB (BINANCECOIN)
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solana
Solana (SOLANA)
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ripple
XRP (RIPPLE)
$2.82 -2.17%
shiba-inu
Shiba Inu (SHIBA-INU)
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pepe
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bonk
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ZCash Price Prediction: Why ZEC Could Hit $200 Soon

Highlights:

  • ZCash is trading at the $180.09 resistance
  • Rally through this resistance could see it hit $200
  • Institutional capital and a pro-privacy narrative could send ZEC higher

ZCash (ZEC) is a standout performer today, outperforming most of the top 100 cryptocurrencies. In the last 24 hours, ZCash has gained by 36% to trade at $182.94. This momentum is a continuation of the rally that ZCash has recorded over the last 30 days, during which it has gained 280%. 

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ZCash intraday trading volumes are also on the rise, up by 46.68% to stand at $756.6 million. The surge in trading volumes alongside the price is an indicator of rising bullish sentiment around ZCash, despite the recent parabolic price rally. The surge in investor interest is not just FOMO but is based on solid fundamentals around ZCash.

Institutions Taking An Interest In ZCash

A key factor pointing to this strength is the growing institutional adoption of ZCash. Grayscale recently unveiled the ZCash trust that is focused on institutional investors. This is a significant development because it provides investors with access to a privacy-focused cryptocurrency through regulated investment instruments.

Over the last few years, several countries have implemented crackdowns on privacy coins. This has led to many of them being delisted on major exchanges, a factor that has caused their value to stagnate. The fact that ZCash is being offered through an instrument like the Grayscale trust means it could be one of the privacy coins in the clear with regulators. This could see capital continue to flow strongly into ZEC relative to other privacy coins, helping to maintain the already strong momentum around it. 

ZCash ThorSwap Integration Driving Trading Volumes

ZCash has also been propelled higher by the recent integration with ThorSwap. Through this integration, ZCash can now be swapped across chains with other top cryptocurrencies such as Bitcoin and Ethereum. This is drawing in investors who prefer to trade ZCash with ease, without relying on centralized exchanges.

It is a move that is particularly drawing in privacy-centric investors who see centralized exchanges as a weak point when trading in privacy cryptocurrencies. As a result, ZCash has experienced a surge in buying volumes that have contributed significantly to its ongoing upside momentum. 

Pro-Privacy Coins Narrative Pushing ZEC Higher

ZCash momentum is also being driven by the growing need for privacy in a world that increasingly feels like it is moving towards digital surveillance. This push for privacy is particularly driven by the ever-strengthening of KYC/AML laws and regulations in the finance sector.

ZCash benefits from the push for privacy in two ways. First, it is one of the best-known privacy coins in the market today. As such, it is likely to attract the most capital as money flows into privacy coins.

ZCash also appears highly undervalued, given that it is still trading at over 90% off its last all-time high. As such, now that the pro-privacy coins narrative is back, and ZEC is already showing strength, investors hoping for a return to the glory days could FOMO and invest in ZEC. All this and the fact that the broader market is increasingly pro-crypto could see ZCash continue to gain strength in the short to medium term.

Technical Analysis – ZCash Trading At A Critical Resistance Level

ZCash is currently trading at the $180.09 resistance. If bulls sustain momentum and push the price through the $180.09 resistance, a short-term rally to $200 could follow.

ZEC
Source: TradingView

On the other hand, if bulls fail at the $180.09 resistance, a correction to the $ 165.00 support could follow. Of these two scenarios, the odds are higher for a rally through the $180.09 resistance. That’s because FOMO is already building up as the pro-privacy coins narrative continues to grow.

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