Cryptocurrency analyst Joao Wedson commented on the recent remarkable rise of ZCash (ZEC), saying that the asset has entered a “historic performance zone.”
According to Wedson, ZEC is currently trading above all on-chain price models, marking the second-strongest yearly performance in the altcoin’s entire history.
Wedson highlighted a key dynamic behind the current rally: aggressive selling by long-term investors. The analyst noted that the CDD Multiple metric is showing that very old ZECs, which haven’t moved in years, are moving for the first time, adding additional volatility to the market.
The analyst also noted that ZEC has surpassed levels previously only dreamed of for Bitcoin in terms of on-chain indicators. “ZEC has broken all the major on-chain levels we previously expected to see in Bitcoin, and it’s the first to do so,” Wedson said.
According to Wedson, in an overly optimistic scenario, ZEC, which is entering its price discovery phase, could potentially target $1,650. However, the analyst cautioned that even the current price carries rising risks and urged investors to remain cautious.
*This is not investment advice.