TL;DR:
- ZEC posts a 5% gain in the last 24 hours, ranking as the second best-performing asset in the market’s top 20 by capitalization.
- The rally pushed the token to $692 during the session, adding 26% to its market capitalization over the course of the week.
- An improved regulatory backdrop, following the SEC’s closure of its investigation into the Zcash Foundation, fueled the bullish rally.
ZEC, the native token of the Zcash ecosystem, is posting one of its strongest weeks in months. Over the last 24 hours it accumulated a gain of 5%, making it the second best-performing asset within the top 20 cryptocurrencies by market capitalization, surpassed only by Hyperliquid over the past seven days.
The surge pushed the token to touch $692 during the session, before pulling back to trade around the current $658. On a weekly basis, the increase amounted to 26% of its total market capitalization.
The main catalyst for the bullish jump was the announcement by the U.S. Securities and Exchange Commission (SEC) confirming the closure of its investigation into the Zcash Foundation. The resolution eliminated the regulatory uncertainty that had been weighing on the project and gave way to a sustained inflow of capital. Separately, the Zcash Foundation published its first-quarter update, reporting liquid assets of approximately $36.7 million, the majority denominated in ZEC. Technical development of the protocol remains active despite the organizational changes recorded at Electric Coin Company.
ZEC Eyes $800 as Indicators Enter Overbought Territory
From a technical standpoint, the four-hour ZEC/USD chart shows strong bullish signals. The RSI sits at 70, placing the asset in overbought territory, while the MACD lines are also operating within that zone. Although these levels open the possibility of a short-term correction, buying pressure remains dominant.
If the momentum holds, ZEC could break through the $700 resistance level and extend the rally toward $745, a level not reached since November. A more pronounced push would bring the psychological $800 level into focus.
In the event of a reversal, the immediate support to defend sits at $580, the floor recorded on Wednesday. A break below that level could expose the token to lower demand zones, around $485.
