The post Why the Zcash (ZEC) Price Is Up Today? appeared first on Coinpedia Fintech News
ZCash (ZEC), one of the long-standing privacy-focused cryptocurrencies, is back in focus after jumping 10% in a single day. While most of the crypto market struggles due to heavy price drops, ZEC is heading in the opposite direction.
Adding to that, a top analyst now predicts that ZEC could still have much bigger gains ahead, possibly hinting at a massive 599% rally.
So what’s the key reason behind the surge?
Key Reasons Behind the ZEC Token Surge
One of the main reasons behind the Zcash (ZEC) price surge is the final reminder from the Zcash team for coinholders to move their ZEC into the Orchard pool or refresh their notes before the August 21 deadline.
This sparked a sharp rise in network activity as holders rushed to qualify, creating fresh demand for the token.
Secondly, trading data shows a strong increase in volumes, with ZEC’s price jumping 8–10% in the last 24 hours. This suggests growing investor interest, supported by whale activity, adding further buying pressure.
Further, the ZEC token price has recently broken out of a long-term falling wedge pattern, a strong bullish signal. The token bounced firmly from the $34.30 support, and analysts now expect the next resistance to be around $43.15.
ZEC Poised for 599% Rally
Looking at the ZCash (ZEC) price chart, it has broken above a key resistance, drawing attention from traders. Popular crypto analyst Javon Marks highlighted that the coin has finally moved past a long-term downtrend that held prices down for years.
This breakout signals new strength, with Marks setting a bold target of $308.46, nearly 599% higher than current levels.
Meanwhile, technical signals support the move as well, with the MACD turning bullish and the RSI at 62, showing rising buying pressure.
On the flip side, if ZEC drops below the 200-day EMA at $40.53, the rally could lose momentum, sending the price back toward $33.36.