Zcash Price Surge: Will ZEC Hit $500?
Recent Zcash Price Surge
Zcash (ZEC) has recently experienced a notable price increase, outpacing prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). In the last 24 hours, ZEC's price jumped by 18%, accompanied by a 74% surge in trading volume, reaching $1.24 billion. This rise follows a significant downturn, with ZEC having dropped around 30% in the previous month. The current uptrend suggests a potential shift in market sentiment, possibly heralding a new bullish phase for ZEC.
With a 25% increase in just a week, Zcash has positioned itself among the top market gainers. The breakout within a long-term trendline over a 24-hour period indicates a promising continuation of this upward trajectory, potentially extending into 2025. As privacy coins gain traction, Zcash is poised to maintain a favorable position in the coming months.
Phreeli's Privacy-Centric Mobile Service Launch
In related news, Phreeli has launched a new anonymous phone service in the U.S., emphasizing user privacy. Customers can register using only their zip code, avoiding the need to provide personal information. This service leverages zero-knowledge proofs (ZKPs), allowing users to verify bill payments without revealing their identities. Zooko Wilcox, Zcash co-founder, played a pivotal role in integrating ZKPs, underscoring the growing trust in this technology as a tool for privacy enhancement.
The launch of Phreeli coincides with a heightened demand for privacy technologies, as evidenced by the 25% increase in ZEC's value. This surge follows excitement around Wilcox's upcoming presentation at a United States Securities and Exchange Commission (SEC) roundtable, where he will discuss the role of zero-knowledge technology in secure financial systems. This event could further legitimize privacy coins and shielded transactions.
Can Zcash Reach $500?
Zcash has climbed to $409, marking an 18% increase, and remains on an upward trend supported by a rising price channel. Recently hitting the $400 support level, ZEC is in high demand. Technical indicators suggest a positive momentum shift, with the Moving Average Convergence Divergence (MACD) at 8.77, pointing to a bullish trend.
The MACD histogram's green bars further confirm the upward movement, while the Relative Strength Index (RSI) at 67 indicates ZEC is nearing an overbought condition. Resistance is identified at $450, with support at $400. If Zcash sustains its upward momentum, it could soon test the $500 resistance. However, a decline below $400 might signal a potential pullback.