Key Takeaways
Why has Zcash become so popular recently?
Its popularity exploded in October as the altcoin gained visibility because of its privacy technology.
How high can ZEC go?
Based on technical analysis, a rally to $726 is possible.
Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, is in the news today after he predicted a $10k Zcash [ZEC] price in a post on X. Popular crypto trader Bitcoin Jack explained the allure of ZCash too. Simply put, it is being seen as a “true privacy Bitcoin competition” that is also semi-quantum ready.
In fact, it has also attracted many of the people who were early to Bitcoin [BTC]. Will the ZEC conviction be sustained in the coming months?
Zcash price prediction is extremely bullish, here’s why
Source: ZEC/USDT on TradingView
The weekly chart highlighted extreme bullishness. The RSI has been at extreme levels lately too. In fact, the 92.7-reading it posted in the first week of October was the highest-ever weekly RSI reading for ZEC.
As Bitcoin Jack noted, the narrative built around ZEC has been strong and has already convinced many of the biggest names in the crypto sphere. Together, they highlighted buyer strength and a convincing story that could draw even more capital to its market.
The strength of this narrative over the past month saw it climb more quickly to the $372-level this cycle, than it did in 2021. The trading volume has also been incredibly high for multiple weeks in a row – A sign that market interest is likely, not just temporary hype.
Based on the Fibonacci extension levels plotted using the 2020-2021 rally, it is possible that ZEC could rally to $726 in 2025. It has to breach the $372-level on the weekly chart. Its extreme RSI reading might also need time to cool down.
However, bull markets need not conform to expectations like “overbought RSI, coin needs time”. A captivating tale for the token’s adoption could send the price skyrocketing beyond such constraints, as it has done so far in October.
Zcash is still a long way from its all-time high of $3,191 from October 2016. At this point, it is hard to say if $3k targets are feasible or fantastical.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion