Zcash has risen about 40% since mid-December and is trading around $545, extending a climb of nearly 82% from its recent low of $300. The rally accelerated following the breakout of an ascending triangle and the recovery of the 50-week moving average as support.
Former BitMEX CEO Arthur Hayes has set a $1,000 target for Zcash, although he warns that a pullback toward $400 is possible before the bullish trend continues. This adjustment would be seen as a clearing of leverage, setting the stage for a clean and solid move higher.
Analysts note that the importance of privacy and zero-knowledge technologies supports Zcash demand. Technical patterns and market momentum pave the way toward its first target at $1,000. Future pullbacks and recoveries will depend on trader interest and leverage management in the market.
Source: https://x.com/CryptoHayes/status/2005485913019998301
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