Zcash (ZEC) continues to receive support from several directions at once: listing on Robinhood, easing tensions between the US and Iran and a reduction in available ZEC supply are fueling interest in the coin.
Over the past month, Zcash has performed noticeably better than the rest of the crypto market. The coin has risen by more than 125%, while most cryptocurrencies have gained an average of about 15% during this time.
ZEC/USD performance compared to crypto market capitalization over the past 30 days. Source: TradingView
The privacy cryptocurrency Zcash could continue to grow in the coming weeks amid a combination of strong technical and fundamental factors.
Multicoin Statement Boosts Interest in ZEC
On Tuesday, US crypto hedge fund Multicoin Capital, which manages about $2.7 billion in assets, announced a large position in ZEC. After this, the market again began discussing the return of major investors’ interest in privacy coins.
The fund’s co-founder Tushar Jain said the company began gradually accumulating ZEC back in February.
According to him, Zcash remains one of the most convenient public tools for betting on private, censorship-resistant, and seizure-resistant digital money.
Essentially, Multicoin is counting on rising demand and believes digital privacy tools in the spirit of the old cypherpunk movement will continue to grow.
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Over the past 24 hours, ZEC has risen by more than 43%. It appears the market took Multicoin’s statement as a signal that large investors are once again eyeing privacy cryptocurrencies.
ZEC Chart Still Indicates Possible Continued Growth
From a technical standpoint, Zcash is now breaking out of a bull flag on the weekly chart.
Typically, this pattern appears after a sharp upward move, when the price temporarily moves sideways or gradually declines within a downward channel.
A signal for continued growth appears when the price breaks through the upper boundary of this channel. After this, the market often moves upward by a distance comparable to the previous wave of growth.
Weekly chart ZEC/USDT. Source: TradingView
If you apply this pattern to the current ZEC chart, the next target after the breakout is around $800. On Wednesday, ZEC already rose to $607, so there is still about 40% left to the projected target. Buyers also have the RSI on the weekly chart on their side.
Currently, RSI remains just below 70 — this level is usually considered the market’s overheating zone. This means the market does not yet look overheated.
BitMEX co-founder Arthur Hayes, meanwhile, believes that ZEC’s potential could be much higher. In his opinion, the capitalization of ZEC could eventually reach 10% of bitcoin’s capitalization.
If you imagine such a scenario with the current coin supply, the price of Zcash could theoretically be in the range of $8,000 to $10,000 per coin.
ZEC/BTC price dynamics. Source: TradingView
Listing on Robinhood and Shrinking Supply Strengthen ZEC’s Position
Currently, ZEC growth is fueled by several factors at once.
ZEC continues to rise along with the rest of the crypto market amid hopes for a possible easing of tensions between the US and Iran. A similar situation was already observed in early April, when investors were more actively returning to risky assets.
An additional driver was the listing of ZEC on Robinhood on April 23. Thanks to this, the token gained access to an audience of 25.9 million platform users, including traders from more strictly regulated regions such as New York.
At the same time, according to ZecHub.WIKI, more than 30% of all ZEC are now on shielded addresses. This shows that interest in private transfers within the network has grown significantly.
The volume of ZEC on shielded addresses continues to grow. Source: ZecHub.WIKI
