Zcash (ZEC) Explodes to a 7-Year High: Is the Bull Run Just Starting?

The rally of the popular privacy-focused cryptocurrency Zcash (ZEC) continues at full ￰0￱ has skyrocketed by triple digits in a month or so, and the question now is whether this rally is just getting ￰1￱ Much More? ZEC started its upward move towards the end of September, when the price was hovering around $50. In the following weeks, its valuation was gradually climbing, and just a few hours ago, it reached a seven-year high of $370. Shortly after, ZEC registered a slight decline to the current $350 (per CoinGecko’s data), representing a staggering 520% increase on a monthly ￰2￱ Price,), Cronos (CRO), Polkadot (DOT), Uniswap (UNI), and many ￰3￱ the substantial increase, the coin’s price is still far below its all-time high of almost $1,900 witnessed in 2016.

However, multiple analysts and traders believe the bull run might be just starting and envision a new record soon. X user JonnyJpegs predicted that ZEC could skyrocket to $2,356, seeing the next major resistance at $790. “This is the roadmap to Zcash becoming a top 10 ￰4￱ market is telling you that privacy matters,” they ￰5￱ argued that ZEC could now enter “a mini bull phase,” with the next target set at $800. They believe that if the price breaks the local resistance at $370 “with conviction,” this could spark a “mega bull” to $4,000.

Arthur Hayes – the co-founder of BitMEX and one of the most influential people in the crypto industry – also chipped ￰6￱ hours ago, he made a “vibe check” on ZEC, highlighting its price explosion as of late and envisioning its potential to soar to $10,000. It is important to note that such a pump would require the market capitalization to rise above $160 billion, which seems rather far-fetched (at least as of now). The Possible Correction Contrary to the optimism from the aforementioned figures, ZEC’s Relative Strength Index (RSI) suggests that the valuation may head south ￰7￱ technical analysis tool is essential for traders, as it measures the magnitude and speed of recent price changes to give them an idea of potential reversal ￰8￱ ranges from 0 to 100, and readings above 70 indicate the asset is in an overbought zone and may be poised for a short-term ￰9￱ the other hand, ratios below 30 are seen as buying opportunities.

Currently, the RSI is set at almost ￰10￱ RSI,) Explodes to a 7-Year High: Is the Bull Run Just Starting? appeared first on CryptoPotato .