- 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.
Zcash price chart by TradingView
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.
