ZEC, the native token of privacy-focused protocol Zcash, has surged by 23% prior to now 24 hours, making it the crypto market’s high gainer. It has outperformed main belongings like Bitcoin and Ethereum, which rose by 1% and three%, respectively, throughout the identical interval.
At present buying and selling at a two-year excessive of $56.93, ZEC seems poised for additional development. Right here’s why.
Zcash Rallies, Because of Twister Money
ZEC’s double-digit rally mirrors the broader uptick within the values of privateness tokens over the previous 24 hours, pushed by a landmark US federal appeals courtroom choice.
The courtroom struck down Treasury Division sanctions on Twister Money, a crypto-mixing service beforehand focused by the Workplace of International Property Management (OFAC) in 2022 for allegedly facilitating illicit actions.
The ruling discovered that OFAC overstepped its authority, emphasizing that Twister Money’s immutable good contracts don’t qualify as “property.” Since this ruling, the market capitalization of high privateness tokens has risen by 4%.
ZEC Reacts Positively
As of this writing, ZEC trades at $56.93, a worth it final touched in October 2022. This surge has been accompanied by a big uptick in buying and selling exercise, with quantity reaching $175 million over the previous 24 hours — marking a 68% enhance.
When an asset’s buying and selling quantity climbs alongside its worth, it signifies sturdy market curiosity and heightened exercise amongst consumers and sellers. This mix suggests a sustainable worth rally. The elevated buying and selling quantity displays larger liquidity influx and widespread participation out there rally.
ZEC’s Aroon Up line on the every day chart confirms the power of its uptrend, at present standing at 100%. The Aroon Indicator measures pattern power and course by monitoring the time for the reason that highest excessive (Aroon Up) and the bottom low (Aroon Down) inside a selected interval.
An Aroon Up worth of 100% signifies a current new excessive, signaling sturdy upward momentum. In ZEC’s case, the Aroon Down line is at 7.14%, reflecting minimal downward strain and additional supporting the bullish pattern.
ZEC Value Prediction: A New Excessive on the Horizon?
If the present rally persists, the ZEC token worth will set up assist at $57.20. Efficiently reaching this may occasionally propel its worth towards $66.98, a stage it final reached in September 2022.
Nevertheless, if profit-taking exercise commences, the ZEC token worth might fall to $49.29.
Disclaimer
In step with the Belief Venture pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. All the time conduct your personal analysis and seek the advice of with an expert earlier than making any monetary choices. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
