- On Wednesday, Zcash’s price skyrocketed by 22%, helping its value to break above a major resistance level of $330 with a market capitalization of $5.5 billion.
- The price movement was witnessed following a bullish momentum in the overall crypto market, sparking euphoria in the community.
- On Tuesday, U.S. President Donald Trump declared a ceasefire in the ongoing war with Iran, easing tension in the global financial market.
On April 8, Zcash (ZEC), one of the popular privacy coins, witnessed a rally of 22% on a daily chart following the bullish momentum in the crypto market.
At present, the Zcash price is hovering around $330 with a market capitalization of $5.5 billion, thanks to growing investors’ confidence in the privacy coins. According to CoinMarketCap, the daily trading volume has also crossed the $1.02 billion mark.
Zcash Gains Momentum with Bullish Trend in Crypto Market
The price rally comes as Foundry Digital, the company that runs the largest Bitcoin mining pool in the world, gets closer to launching its institutional-grade mining pool for ZEC. The launch is planned for April.
Foundry Digital is a subsidiary of Digital Currency Group, commonly known as DCG. The company controls approximately 30% of the global computing power used to mine Bitcoin. The new Zcash mining pool would be the first major United States-based operation for ZEC mining that is ready to meet compliance rules.
The pool will target institutional miners and publicly traded mining companies. It will include your customer checks, anti-money laundering checks, and transparent address payouts.
Mining for Zcash has historically been concentrated among a small number of non-U.S. pools. The leading pools have been ViaBTC and F2Pool. Foundry’s entry into this space is expected to spread out the distribution of mining power more evenly. It may also attract miners who previously stayed away from ZEC because they could not find compliant infrastructure to support their operations.
In the last month, the cryptocurrency has soared over 54% over a buying pressure following earlier consolidation periods.
(Source: TradingView)
According to TradingView, technical indicators are sharing a bullish outlook for the cryptocurrency. The Relative Strength Index is currently revolving around 60, which shows a strong upward pressure. The cryptocurrency is currently avoiding extreme overbought territory that might spark an immediate reversal.
Various moving averages, such as the 10-day and 20-day, are clearly giving buy signals. The current prices sit well above these lines.
There is strong support at around $300 from the recent session low, while the next resistance level revolves around $340.
On-chain data are showing growing shielded transaction activity. This growing activity is giving real network usage to the price movement instead of relying completely on the hype.
There are various factors behind the surge in Zcash price. After the cryptocurrency soared above technical breakouts, buyers have started accumulating the cryptocurrency. These buyers identified the token as undervalued following prior corrections.
Macroeconomic conditions are also providing further support. Bitcoin trades around stable levels amid institutional flows and reduced immediate risk.
The recent United States-Iran ceasefire eased geopolitical tensions. This development improved overall sentiment for assets that offer financial privacy. It comes in an era of increasing surveillance and central bank digital currency discussions. The crypto market recovery across cryptocurrencies encouraged capital discussions.
Zcash is a privacy-based cryptocurrency that allows people to send and receive money confidentially on the blockchain. Unlike Bitcoin, where all transactions are public and visible to anyone, Zcash uses advanced zero-knowledge proofs called zk-SNARKs. This helps the network to hide the sender, receiver, and amount of money in special “shielded” transactions while still proving the transaction is valid.
Also Read: ICP Price Rallies 12% as New AI Tools Attract Developers
Source: https://www.cryptonewsz.com/zcash-price-rally-21-break-major-resistance/
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