Zcash (ZEC), the privacy-focused cryptocurrency, has staged a comeback by climbing back above $42 for the first time since July. The coin jumped 10% in a single day, ranking among the market’s top gainers, second only to OKB’s 27% surge, which BanklessTimes warned could be overheated.
With renewed investor interest, a bullish on-chain signal, and analysts eyeing a potential 599% upside, traders are speculating on whether ZEC’s momentum can turn into a sustained breakout.
Zcash Shielded Transactions Hit Record Highs
ZEC’s recent strength comes amid a broader privacy narrative. Data from CoinMarketCap shows the token climbed to $42.07 on August 21, marking its strongest close in months. Market cap now sits near $680 million, with 24-hour trading volume topping $120 million, a sign of renewed liquidity inflows.
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A major catalyst is Zcash’s shielded transaction milestone. As Zcash community member Josh Swihart highlighted on August 13, shielded pools crossed 3.5 million ZEC for the first time in history, with shielded transactions surpassing transparent ones.
For a privacy-focused coin like Zcash, this shift signals deeper adoption of its zk-SNARK tech, a core differentiator from Bitcoin’s pseudonymous model.
Zcash Price Outlook: Bullish Calls Point to $308
The ZCash price chart is showing encouraging momentum. On the daily timeframe, the coin closed August 21 at $42.54, trading above its 30-day SMA ($38.29) and 50-day SMA ($39.99), while brushing against the 100-day SMA ($42.65).
ZEC/USD | CryptoQuant
A clean break above the 100-day moving average could open the door for a test of the $50 psychological resistance.
Momentum indicators also show strength in the market. The Relative Strength Index (RSI) is at 58, which is neutral to bullish. This suggests that prices can go up further without immediately reaching overbought levels.
The MACD is slightly positive, indicating a bullish crossover momentum. Meanwhile, the Stochastic RSI Fast is above 90, which signals that traders should look out for short-term pullbacks.
Interestingly, technical analyst Javon Marks pointed to ZEC’s breakout from a multi-year resistance trend, projecting a technical target of $308.46. That means an upside of nearly 600% from current levels.
While a $308 target may sound ambitious, history puts ZEC’s volatility into perspective. The privacy coin has plunged 99.29% from its $5,941.80 all-time high set in 2016, almost a decade ago, yet it has also staged a 162% rebound from its July 2024 record low.
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