Can Zcash (ZEC) Meet Arthur Hayes' Ambitious Price Target?
Zcash (ZEC) Experiences Remarkable Surge
The Zcash (ZEC) price has witnessed a dramatic increase of over 750% in the past three months, with a notable 20% gain in the last 24 hours alone. This surge has revived interest in the privacy-focused cryptocurrency, which had largely remained under the radar since its launch in 2016.
Arthur Hayes Fuels Zcash Price Rally
CoinGecko data reveals that ZEC is currently trading at $332.52, marking a 20.8% increase. This follows a statement by Arthur Hayes, former CEO of BitMEX, who set an ambitious $10,000 price target for ZEC. Hayes' market-moving comments have reignited enthusiasm for Zcash, particularly after the altcoin's resilience during the recent Black Friday market downturn.
Analyst AB Kuai Dong noted, "ZEC was suddenly endorsed by a legendary investor, triggering a month-long market frenzy." Meanwhile, crypto analyst Lennaert Snyder highlighted factors such as the launch of a Zcash trust by Greyscale, a Hyperliquid listing, and an upcoming halving, which have contributed to ZEC's explosive momentum.
Technical Analysis and Market Outlook
Technical analyst Clifton FX identified an ascending triangle pattern in ZEC's price chart, suggesting potential for further gains. However, not all analysts are convinced. Ignas DeFi warned of the risks of becoming exit liquidity in coordinated market pumps. Mert Helius, CEO of Helius Labs, also expressed skepticism about ZEC's valuation compared to larger-cap altcoins.
Future Prospects for Zcash
Currently trading at $333.77, ZEC is approaching a critical support level at $281.35. Technical indicators suggest that ZEC could see further upside, potentially reaching $360. However, if the price fails to break resistance and falls below $298.35, a correction could ensue, potentially driving the price down to $240 or even below $200.
While the Relative Strength Index (RSI) indicates that ZEC is overbought, suggesting a potential correction, the overall outlook remains cautiously optimistic, provided the ascending channel holds.