Over the past 24 hours, the cryptocurrency market has shown a strong upward rebound, while Zcash (ZEC) was among the growth leaders.
Some analysts believe that maintaining privacy kriptovalyuta has not yet exhausted its growth potential, so it may reach new price highs in the future.
The two-week truce between the United States and Iran has become an important catalyst for the crypto sector. Bitcoin (BTC) briefly rose to a daily high near $72,700, while ZEC posted double-digit gains.
At the moment Zcash is trading at around $330 (at according to CoinGecko), showing a daily increase of 25,1%. The cryptocurrency’s market capitalization exceeded $5,5 billion, allowing ZEC to enter the top 2.
Crypto Analyst at Crypto Catalysts said, that ZEC has confidently broken through the long-standing resistance level of $300, and this signals the “potential start of a new upward cycle.”
Now that this key level has been passed, the way for further growth may be open, and target levels extend to $400, the expert added.
The specialists at Clifton Fx are completely forecast triple-digit growth above $700 in the coming days, but this figure seems overly optimistic.
Last September, the asset was trading below $60, but within a few weeks its value took off above $730. This growth was driven by the introduction of Grayscale’s product Zcash trust.
Later on Binance A ZEC/USDC perpetual contract with up to 75x leverage was introduced. This innovation increased liquidity, the availability of cryptocurrency and at the same time strengthened its reputation.
Now the data from CoinGlass show, that inflows have exceeded outflows in recent weeks, meaning many investors have moved their assets from their own wallets to centralized platforms. This, in turn, increases potential selling pressure.
ZEC influx onto exchanges. Source: CoinGlass
The ZEC Relative Strength Index (RSI) should serve as another warning sign, as it has risen into overbought territory, reaching 86, suggesting a possible correction.
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