according to the website - By CoinPedia News
ZCash (ZEC), one of the most well-known privacy-focused cryptocurrencies, is back in the spotlight after a 10% increase in one day. While much of the cryptocurrency market is struggling due to a sharp decline in prices, ZEC is moving in the opposite direction.
Furthermore, a leading analyst predicts that ZEC could rise further, which could indicate a massive rally of 599%.
One of the main reasons for the sharp increase in the price of Zcash (ZEC) is the recent reminder from the Zcash team to coin holders about the need to transfer their ZEC to the Orchard pool or update their records by the deadline of August 21.
This has caused a sharp increase in network activity as holders rushed to qualify, creating new demand for the token.
Secondly, trading data shows a significant increase in volumes: the price of ZEC has risen by 8-10% over the last 24 hours. This indicates growing investor interest, bolstered by whale activity, which intensifies buying pressure.
Additionally, the price of the ZEC token recently broke out of a long-term descending wedge pattern, which is a strong bullish signal. The token has confidently bounced off the support at $34.30, and analysts now expect the next resistance to be around $43.15.
The ZCash (ZEC) price chart shows that it has broken through a key resistance level, attracting the attention of traders. Noted crypto analyst Javon Marks pointed out that the coin has finally overcome a long-term downward trend that has held prices back for years.
This breakout signals a new upward movement, and Marks has set an ambitious target of $308.46, which is nearly 599% higher than current levels.
Meanwhile, technical signals also confirm this movement: the MACD is turning bullish, and the RSI is reaching 62, indicating increasing buying pressure. On the other hand, if ZEC drops below the 200-day EMA at $40.53, the upward momentum may lose steam, and the price could return to $33.36.
