ZCash Enters Top 25: Can It Smash 9-Year-Old Peak?

Core Insights - Zcash (ZEC) has experienced a significant rally, surging over 20% in the past 24 hours, adding over $1 billion to its market capitalization and entering the top 25 cryptocurrencies [1] - The price of ZEC is currently around $354, marking its highest level in nearly four years [1] - The rally was fueled by a viral post from BitMEX co-founder Arthur Hayes, who suggested ZEC could reach $10,000, leading to a 250% spike in trading volume [2] On-Chain Developments - Analysts attribute Zcash's rise to a renewed focus on privacy coins amid increasing global regulatory scrutiny on cryptocurrencies [3] - There has been a record surge in shielded transaction volumes, indicating deeper adoption of Zcash's privacy features [3] - Upcoming upgrades, including Network Update 6.1, are expected to enhance cross-chain interoperability and scalability [3] DeFi Integration - Zcash's integration into THORSwap's cross-chain ecosystem has improved its accessibility within decentralized finance (DeFi) [4] - These developments have bolstered Zcash's fundamentals and renewed investor confidence [4] Price Analysis - Zcash's daily price chart indicates a bullish structure, with potential resistance near $420 if the price closes above $375 [5] - The RSI suggests ZEC is in overbought territory, which may precede short-term corrections, but sustained momentum could maintain high prices [5] - Key support is identified around the mid-band (20-day SMA) at $250, while the MACD indicator remains bullish, indicating strong buying momentum [6]