The post ZCash Breaks 8-Year Downtrend – What’s Driving ZEC’s 73% Surge? appeared first on Coinpedia Fintech News
ZCash has delivered a breakout performance this week, surprising the crypto market with robust price action and investor interest. Over the past month, the ZEC price has soared by over 73%, driven by a combination of technical, product, and sector-wide factors.
Talking about numbers, the coin’s daily volume sits at $215.77 million, taking its market cap to $1.12 billion. It is worth noting that this rally is not just another speculative run but signals deep changes in ZEC’s narrative, positioning, and adoption profile.
Top Reasons Behind ZCash’s Price Surge
Recent product developments have added substance to this rally. The launch of Zashi CrossPay on September 16 enabled shielded ZEC transfers across 20+ blockchains. Plus, ZEC’s market cap ranking improved, and adoption metrics for shielded transactions in Q4 are worth monitoring closely.
The broader privacy coin sector is also trending higher, with Google searches for terms like “privacy coins” reaching new peaks. ZEC’s daily volume now rivals Monero’s, reflecting revived institutional interest and easing regulatory concerns.
ZEC Price Analysis
ZCash price climbed 8.29% in a single day to $69.19, marking impressive growth rates of 41.5% this week and a stunning 73.37% over the past month. The surge was catalyzed by a major technical breakout. The ZEC/BTC shattered an 8-year logarithmic downtrend on September 29, a milestone cheered by long-term holders.
On the USD front, ZEC’s price action aligns with rising trading volumes and heightened buying pressure – the MACD histogram stands positive, while the 24-hour volume surged over 40%.
That being said, the momentum indicators underscore bullish enthusiasm but do hint at caution. The RSI-14 at 76.3 and RSI-7 at 82.5 are deep in overbought territory. Technical targets suggest that a close above $64.61 could unlock further gains, potentially aiming for the $81.81 mark if momentum continues.
FAQs
ZCash’s rally was fueled by a major technical breakout, strong trading volumes, and the launch of Zashi CrossPay, which expanded its utility in DeFi and boosted shielded transaction usage.
Yes, technical indicators such as RSI-14 and RSI-7 show ZEC is in overbought territory, suggesting caution as price momentum may face consolidation.
If ZEC closes above $64.61, the technical setup favors a move toward $81.81, based on Fibonacci extension projections and current bullish sentiment.