Zcash price bounced back in the past few days, moving from a low of $305 on December 3 to the current $458. This rebound is happening ahead of a crucial Securities and Exchange Commission (SEC) roundtable on Monday next week.
Why the Zcash Price Is in an Uptrend
The ZEC price continued its rebound as the concept of privacy continued growing. In a statement on Thursday, Paul Atkins said that the agency will host a roundtable of the Crypto Task Force on Monday.
Zooko Wilcox, the founder of Zcash, will be among the top attendees at the event, where he is expected to advocate for the privacy industry. The agenda will include regulatory clarity issues, surveillance standards, and compliance issues.
The upcoming event is crucial because it shows how things have changed in the past few months, as large exchanges often discriminated against privacy tokens. Most of them delisted tokens like Zzcash, Monero, and Dash as authorities pursued companies like Tornado Cash and its founders.
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Zcash price is also rising after a16 zcrypto published its big ideas for the coming year. In a statement, the company, a notable player in the venture capital industry, predicted that privacy would be the most important aspect of crypto. The report noted:
“When users are on private blockchains, the chain they choose matters much more because, once they join one, they’re less likely to move and risk being exposed. This creates a winner-take-most dynamic.”
The statement is vital for Zcash because it has become the crypto industry’s largest privacy token. It recently passed Monero, which held that title for years.
Zcash approaches privacy differently than Monero, as it gives users a choice about which transactions they want to keep private. Users can select to transact on its public chain or opt for its shielded protocol, where transaction details are not public.
ZEC price is also rising as investors wait for the upcoming network upgrade, which will adjust the development fund model.
ZEC Price Technical Analysis
The daily chart shows that the ZEC price bottomed at $305 earlier this month and is now rebounding. It has moved slightly above the critical resistance level at $426, the neckline of the double-top pattern.
Zcash price has remained above the 50-day and 100-day Exponential Moving Averages (EMA). It is approaching the Major S/R pivot point of the Murrey Math Lines tool at $500.
Therefore, the most likely scenario is where it continues rising in the next few days as traders wait for the SEC roundtable. If this happens, it may jump to as high as the strong pivot reverse point at $750. It will then retreat once the event occurs as investors sell the news.
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