ZCash Price Surges 15%, Leads Crypto Rally Ahead Fed Rate Cut

Following the Bitcoin price upside, altcoins are leading the crypto market rally, with ZCash leading the space.

The ZCash price has jumped by 15% in the last 24 hours, moving closer to $290, with its market cap reaching $4.5 billion. Besides, the overall crypto market shows strength with $500 million in total liquidations.

ZCash Price Surge Leads Crypto Market Upside

Privacy coin ZCash once again captures the limelight with 15% gain in the latest altcoin market recovery.

As of now, the ZCash price is trading 12.5% up at $266 with its market cap at $4.5 billion. Furthermore, the daily trading volumes have surged 73% to $720 million, showing bullish trader sentiment.

The recent upside in ZCash price seems to be more technical instead of a fundamental development. Crypto analyst Altcoin Ardi said that Zcash (ZEC) has broken above a key descending trendline. It has triggered a sharp rally towards $280 resistance level.

The analyst noted that a sustained move above $280, followed by a successful flip of the level into support. It could further push the ZCash price to the previous macro lower high of $330. A breakout above this zone may open the path for an extended rally toward the $400 level.

Moreover, the ZCash open interest has shot up significantly in recent weeks. On Tuesday, March 17, the ZEC open interest surged to $466 million, up from the month’s low of $282 million. The increase suggests growing trader participation and rising demand for ZEC.

Spot market activity has also strengthened, with daily trading volume climbing to $2 billion on March 17, the highest level since February 15. This follows a sharp rebound from $494 million on March 15, indicating renewed buying interest.

Additionally, the rally comes shortly after the Zcash Open Development Lab (ZODL) raised $25 million in funding from Paradigm and Andreessen Horowitz. The capital will be used to develop the self-custodian Zodl wallet.

HYPE Joins ZCash Price Rally

Along with the ZCash price upside, Hyperliquid’s native cryptocurrency HYPE has also gained 6.5% in the last 24 hours. The daily trading volume is up 100% to over $523 million, as HYPE price extends its weekly gains to over 18%.

As of press time, HYPE is trading at a crucial resistance closer to $41. Following an accumulation curve, crypto analyst Ardi reported that HYPE has reached its projected breakout target of $41.

According to the analyst, the next key resistance level stands near $43. Crossing this will be crucial to continue with further upside ahead. Ardi noted that for the bullish structure to remain intact, HYPE needs to hold and build support around the reclaimed levels of $38.50 and $40.

Crypto Market Eyes Fed Rate Cut Decision

Despite the surging oil price and rising geopolitical tensions, crypto market has shown strength. US President Donald Trump has intensified pressure on the Federal Reserve to cut interest rates. He calls for immediate action and also suggests the possibility of emerging market moves.

In recent remarks, Trump urged policymakers to lower rates “right now,” adding that even a “special meeting” is required to address the current economic conditions. It remains unclear whether the Federal Reserve will convene an unscheduled meeting.

However, the central bank is already set to hold its upcoming Federal Open Market Committee meeting on March 17. Moreover, Fed Chair Jerome Powell will confirm the Fed rate cut decision on March 18. Polymarket data shows a 99% probability of no rate cut.