ZEC, the native token of privacy-focused protocol Zcash, has surged by 23% up to now 24 hours, making it the crypto market’s prime gainer. It has outperformed main property like Bitcoin and Ethereum, which rose by 1% and three%, respectively, throughout the identical interval.
Presently buying and selling at a two-year excessive of $56.93, ZEC seems poised for additional progress. 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 court docket determination.
The court docket struck down Treasury Division sanctions on Twister Money, a crypto-mixing service beforehand focused by the Workplace of International Belongings 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 prime 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 major uptick in buying and selling exercise, with quantity reaching $175 million over the previous 24 hours — marking a 68% improve.
When an asset’s buying and selling quantity climbs alongside its worth, it signifies robust market curiosity and heightened exercise amongst patrons and sellers. This mixture suggests a sustainable worth rally. The elevated buying and selling quantity displays better liquidity influx and widespread participation available in the market rally.
ZEC’s Aroon Up line on the day by day chart confirms the power of its uptrend, at present standing at 100%. The Aroon Indicator measures pattern power and path by monitoring the time because the highest excessive (Aroon Up) and the bottom low (Aroon Down) inside a particular interval.
An Aroon Up worth of 100% signifies a current new excessive, signaling robust upward momentum. In ZEC’s case, the Aroon Down line is at 7.14%, reflecting minimal downward stress 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 help at $57.20. Efficiently attaining this may occasionally propel its worth towards $66.98, a degree it final reached in September 2022.
Nonetheless, if profit-taking exercise commences, the ZEC token worth might fall to $49.29.
Disclaimer
In keeping with the Belief Venture pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to vary with out discover. All the time conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary choices. Please notice that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.
