Zcash (ZEC) has staged one of its strongest rallies in years, climbing to $147.90 on Thursday after surging more than 57% in just 24 hours and over 146% in the past week.
The move pushes ZEC to its highest level since mid-2022, vastly outperforming the broader cryptocurrency market.
The sudden breakout was ignited by Grayscale’s introduction of a dedicated Zcash Trust, which opened to accredited investors via private placement. Early figures show the product has already amassed over $46 million in assets under management, with a net asset value per share of $9.70. The development marks a significant institutional step for ZEC, placing it alongside other digital assets in Grayscale’s expanding trust lineup.
Technical Breakout Above Major Resistance
ZEC’s latest surge shattered the $120 resistance and decisively broke through the 61.8% Fibonacci retracement level at $111, measured from its $372 peak in May 2021 down to the July 2024 low of $15. Analysts suggest that holding above this threshold leaves the door open for an advance toward the 78.6% retracement near $189.
Momentum indicators confirm the bullish setup. The daily Relative Strength Index (RSI) has soared to 92.6, placing ZEC deep into overbought territory, while the MACD shows accelerating upside momentum with its histogram turning increasingly positive.
Derivatives Activity Hits Record High
Data from CoinGlass shows that Zcash Open Interest (OI) has skyrocketed by more than 138% within 24 hours, now standing at $144 million. The influx of leveraged positions underscores the influx of capital chasing ZEC’s rally, adding fuel to the parabolic move.
Meanwhile, Zcash’s market capitalization has swelled to roughly $2.36 billion, securing its place among the top gainers of the week. The rally has also inspired strong moves across other altcoins such as DeXe (DEXE) and MYX Finance (MYX), both of which have posted double-digit percentage gains.
What Comes Next for ZEC?
If ZEC can maintain its footing above $120, analysts see $189 as the next major target. However, traders warn of potential profit-taking after such a sharp move. On the downside, a fall below $111 could trigger a retest of $100, with deeper support around $76, corresponding to the 50% Fibonacci retracement level.
With a mix of institutional adoption, surging derivatives activity, and strong technical momentum, Zcash has reemerged as one of the most explosive altcoins heading into October.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/zcash-skyrockets-146-in-a-week-as-grayscale-ignites-frenzy/