Zcash (ZEC) has surged by +12% in just 24 hours, outperforming the hesitant crypto market. Fueled by increased on-chain activity and a renewed interest in privacy coins, the project is drawing attention once more. Could this resurgence signal a return to the $300 level, untouched since 2021?
Beyond technical analysis, several fundamental factors explain this renewed enthusiasm for Zcash. The cryptocurrency distinguishes itself through advanced privacy technology based on zero-knowledge proofs (zk-SNARKs). In an environment where personal data protection is becoming an increasing concern, this feature represents an undeniable competitive advantage.
The crypto market as a whole is also showing signs of recovery. Notably, Bitcoin is consolidating above important technical levels. This favorable macroeconomic context typically benefits quality altcoins like Zcash. Inflows to exchanges suggest that investors are diversifying their portfolios beyond the major cryptocurrencies.
The Zcash ecosystem continues to develop with regular protocol improvements and growing adoption among privacy-conscious users. These technical developments, though less publicized than those of other blockchains, nonetheless provide a solid foundation for long-term appreciation.
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From a chart perspective, the recent breakthrough of resistance around current levels constitutes an important bullish signal. Momentum indicators like the RSI show positive dynamics without reaching extreme overbought zones. This leaves room for the movement to continue.
To seriously consider a return to $300, ZEC will need to break through several intermediate levels. Resistances are staggered progressively, and each broken level would strengthen the bullish conviction. Conversely, failure to maintain recently reconquered supports could signal a premature exhaustion of this impulse.
Trading volumes constitute a crucial element to observe in the coming days. A bullish movement accompanied by increasing volumes generally reflects strong buyer conviction. If these volumes were to decrease during attempts to continue higher, it could indicate fragility in the current rally and would justify increased caution.
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