Zcash Soars 89% to $388 ATH on Privacy Demand and Short Squeeze
Zcash (ZEC) climbed from $370 to a fresh two-week high of $388, marking an 89% rally driven by surging privacy-coin demand and a classic short squeeze. Initial gains of over 60% in one week lifted price to $370, while futures open interest vaulted 1,300% monthly to $515 million. On-chain data shows a record 4.94 million ZEC (30% of supply) shielded via zk-SNARKs, tightening liquid supply.
Key endorsements—from Naval Ravikant’s “insurance against Bitcoin” remark to support by Mert Mumtaz and Arthur Hayes—sparked a 60% one-day surge and $65 million in futures liquidations, over half against shorts. Retail interest also spiked as Google searches for “Zcash” soared.
Technically, Zcash trades above its 7-day SMA ($332) and 200-day EMA ($97). Bullish MACD and RSI readings approach overbought territory. Immediate resistance sits at $375 and $400, with a potential breakout targeting $450. However, a rising-wedge pattern warns of a possible 30% correction to $260–$270. ZEC’s 900% year-to-date gain and 60% increase in holders underscore strong market conviction.
Bullish
Zcash’s rapid ascent—89% in two weeks to $388—and key on-chain metrics (30% supply shielded) signal strong demand for privacy coins. High-profile endorsements triggered a one-day 60% surge and $65 million in short liquidations, reinforcing bullish momentum. Technical indicators (RSI, MACD) remain positive, with clear resistance levels at $375 and $400 and upside targets to $450. While a rising-wedge pattern suggests a near-term correction risk to $260–$270, the 900% year-to-date rally and 60% growth in holders point to sustained market conviction. Short-term traders may ride momentum, and long-term investors will watch for pullbacks as buying opportunities.