ZEC extends its winning streak | Credit: Hameem Sarwar
Share
Key Takeaways
Zcash sees 250% gains following breakout from cup and handle pattern.
While being compared to Bitcoin, ZEC seems to be following gold’s setup.
Indicators suggest Zcash’s price could get closer to the $300 mark soon.
A few days ago, many skeptics claimed that Zcash (ZEC)’s breakout was a short-lived pump. Yet today, the privacy coin has proved the doubters wrong.
Over the last 24 hours, Zcash’s price has surged another 30%, extending its 30-day run to a stunning 250% gain. The coin trades at $174.51, a level it hasn’t seen since April 2022.
This explosive rally has turned Zcash into one of the top-performing altcoins of the quarter. But even amid the celebration, some analysts argue that the move could be overheated and may soon retrace.
However, key indicators suggest the uptrend still has fuel left. In fact, ZEC might be tracking a pattern similar to gold’s rally to a new all-time high this year.
After months in the accumulation zone, ZEC’s price broke out of a cup-and-handle pattern. The “cup” reflected a long, rounded bottom formed as sellers gradually lost control and buyers began accumulating.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
The smaller “handle” represented a brief consolidation before momentum returned. When ZEC finally broke above the handle’s resistance at $76.29, it confirmed a strong bullish reversal.
A closer look at the ZEC/USDT chart shows that the Moving Average Convergence Divergence (MACD) has formed a bullish crossover.
For context, this is the first time the MACD on that timeframe has formed a bullish crossover since October 2024.
Even though the cryptocurrency has broken above the pattern’s neckline, the rally does not appear to be over. ZEC’s price will likely move closer to $300 in the coming days.
As a result of this move, ZEC has earned some comparisons to Bitcoin (BTC). However, unlike Bitcoin’s price, which recently reached a new high, ZEC’s market value remains down 98% from its peak in 2016.
At that time, Zcash’s price reached $5,941, meaning the current value would have to rise by 33 times to reclaim that spot. While that is not impossible, the technical setup appears similar to gold, which recently broke $4,000 for the first time.
While ZEC has outperformed gold lately, the daily chart shows similar structures. Hence, if sustained, Zcash could continue climbing as previously stated.
In the meantime, Zcash’s market capitalization has surged to $2.95 billion, its highest level since December 2021. This milestone signifies the growing confidence in privacy-focused assets.
At the same time, the Weighted Sentiment has flipped positive for the first time in months, according to Santimet. This metric, which measures the tone of social and community commentary, reveals that traders are becoming less pessimistic about ZEC’s outlook.
Historically, such sentiment reversals accompany sustained uptrends, as improving crowd perception tends to attract new demand and reinforce bullish momentum.
If this trend continues, Zcash could see more accumulation from sidelined investors, potentially pushing the coin toward a fresh leg higher in the coming weeks.
However, if ZEC becomes overbought, a retracement may follow.
In that scenario, the cryptocurrency could slip toward the support area near $150.36, allowing for price consolidation before another potential leg up.
That said, the broader trend still looks constructive.
As long as Zcash maintains its structure above the breakout zone and buyers continue to absorb dips, the long-term outlook points higher, potentially leading ZEC’s price toward a multi-year high in the months ahead.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
