coinjournal.net
- Zcash price jumped to $69.04, up 23% in 24 hours as it reached a nine-month high.
- The $ZEC token could hit $100 in the coming weeks amid tailwinds for cryptocurrencies.
- Zcash outpaced privacy coins like Monero.
Zcash ($ZEC) price has jumped to intraday highs of $69.04, its highest mark in nine months.
While the privacy coin currently trades around $68.24, the milestone reflects broader enthusiasm for privacy coins and a recovering crypto landscape.
Zcash leads coins such as Horizen in making upside moves that suggest bulls are taking control at key levels.
Zcash price sees a 23% pump in 24 hours
As top cryptocurrencies targeted fresh bounces, Zcash’s price extended its recent upside momentum to hit new multi-month highs.
$ZEC rallied by more than 23% in 24 hours to jump from lows of $54 to above $69, marking a return to levels last seen in December 2024.
This uptick to a nine-month high aligns with a broader resurgence in privacy-oriented assets. Catalysts include focus on privacy features of tokens like Zcash, Monero (XMR), and Horizen (ZEN).
Institutional interest is also up, with open interest for these coins hitting multi-month highs amid other factors such as crypto treasury strategies.
For Zcash, the rollout of initiatives like Zashi CrossPay, launched on September 16 via $NEAR Protocol, is bringing fresh insight into the $ZEC potential.
So, what does Zashi CrossPay mean for the privacy coin? The Zcash team summed this up via a note in a weekly recap:
“With Zashi CrossPay, you can now make private payments in any $NEAR-supported cryptocurrency, from stablecoins to BTC, ETH, or SOL, no exchanges, no extra apps, and always private by default.”
Enabling cross-chain shielded transactions adds to utility and points to future price potential amid adoption.
$ZEC has gained more than 43% in the past week and 72% in the past month, outperforming the broader market.
$ZEC price forecast
The technical outlook for $ZEC is largely bullish. After hitting low of $38 on September 1, the Zcash price has traded higher amid a broadening wedge pattern.
Notably, upward momentum increased following a falling wedge breakout on the daily chart. The uptick that followed the classic reversal pattern, where converging downward trendlines indicate diminishing selling pressure, has helped Zcash explode.
$ZEC’s close above the upper trendline at $40 and a successful retest confirmed the breakout, targeting initial resistance at $54. The pattern suggests a potential extension towards the psychologically important $100 mark.
A look at the Relative Strength Index (RSI) at 72, however, signals entry into overbought territory.
While this means a likely pullback, the Moving Average Convergence Divergence (MACD) histogram has turned positive, and the MACD suggests a bullish crossover.
Risks include broader market corrections, potentially down to headwinds for risk assets.