Privacy-based coin ZCash posted double-digit gains in one day as BitMex co-founder posts bullish price prediction.
Summary
- Zcash price has climbed 30% in the last 24 hours, breaking out of recent consolidation.
- The privacy coin’s market cap has crossed the $5 billion mark for the first time.
- Arthur Hayes predicted ZEC could hit $10,000, fueling investor optimism and heavy buying.
- Immediate upside targets include $380–$400 while key support sits around $340 and $300.
Zcash price has increased by about 30% in the past 24 hours, reaching an intraday high of $374.74. At press time, the cryptocurrency has witnessed a minor pullback to $356.97, according to crypto.news data.
The strong bullish candle follows a string of higher lows, confirming an accelerating uptrend. Price action shows a clear breakout from recent consolidation, supported by a healthy uptick in volume.
Over the past week, Zcash (ZEC) climbed by more than 44%, rising from around $240 on Oct 21 to an intraday high of $374.74 on Oct 27. This rally has pushed the privacy-focused cryptocurrency’s market capitalization past $5 billion for the first time, peaking at $5.92 billion. The huge growth comes amid cooling geopolitical tensions between the US and China, helping to lift overall market sentiment and push altcoins into positive territory.
Another key catalyst behind the recent uptrend is BitMEX co-founder Arthur Hayes, who predicted on Sunday that ZEC could hit a $10,000 price target. Despite Hayes’ controversial prediction history, his forecast appears to have injected fresh investor optimism into the privacy coin, helping drive a surge in buying activity that culminated in Monday’s breakout.
Technical indicators support Zcash price uptrend
From a technical perspective, the privacy coin remains in a strong uptrend. The Relative Strength Index (RSI) has spiked to 77.05, well into overbought territory, suggesting intense buying pressure. While such levels typically signal potential for short-term pullbacks, the RSI’s sustained upward momentum hints at a broader bullish shift.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator further supports this view. With the MACD line at 46.59 well above the signal line at 41.01 and a positive histogram of 5.58, the chart reflects growing bullish momentum. The bullish crossover that occurred earlier this month has now developed into a full-fledged rally.
Looking ahead, ZEC could aim for the psychological $380–$400 resistance zone in the short term. A strong daily close above $380 could signal continuation of the bullish leg, with the $400 level acting as a major milestone for both traders and long-term holders. However, if the coin fails to hold above $340, it may revisit support near $300 before attempting another leg up. For now, the technical and market signals both lean bullish.
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