ZCash Price: Top 3 Reasons Why $756 Is Close For ZEC

Zcash (ZEC) has ensured that privacy coins continue to lead the crypto markets despite the general weakness. ZEC has been surging since late September and does not appear to be slowing down anytime soon. Both the fundamentals and technical signals were aligning.

However, there was a need to assess the details more keenly now that surprises were part and parcel of the crypto headwinds. On-chain sentiment was backed by the trendiness of privacy coins in general, but will these positives power Zcash price to $756?

Top Trending Tokens and Hedge Against Bitcoin

Zcash had a market cap of $8.3 billion at press time. It topped the list of the top 20 trending coins on CoinGecko over the past week. ZEC was closely followed by Firo (FIRO), Bitcoin, Pudgy Penguins (PENGU), and Internet Computer (ICP), which rounded out the top five, respectively.

Other privacy coins that debuted on the list were Monero (XMR), Dash (DASH), and Zcash (ZEC). Only Firo and Dash did not meet the billion-dollar threshold in terms of capitalization, though they were putting in impressive figures.

In addition to dominating the trending list, traders were also using Zcash as a hedge against Bitcoin. This meant that some of the capital in Bitcoin was finding its way into Zcash.

At the same time, this risks being a beta for BTC. The effect on BTC price would be similar, negating the current gains. However, at the time of writing, ZEC was extracting capital from Bitcoin. It contributed to its further rise.

Zcash Price Prediction: ZEC Eyes $756

At the same time, Zcash price was showing a bullish resurgence on the charts after breaking above a critical zone. ZEC defended the zone just above $400 as support, but was challenged around $550.

In the same timeframe, ZEC price previously rallied from $400 to $756 before finding this turning point. Consequently, Zcash price rejected the peak at $756 and went on to create a double top. What followed is the current pullback that is stabilizing above $500.

The ultimate target in the short term rested at $756, which looked like the next area of interest for ZEC price. However, there were obstacles to reaching this target, such as the presence of bears in the $650 zone.

This zone could be an inflection point, resulting in a pushback to $400 if the bullishness did not hold.

The move from $500 to $756 would represent a 51.2% surge. Conversely, a break below $400, especially after breaking above $756, would mean bearish control. However, prior to breaking $756, breaching $400 would still indicate a bullish structure, with $300 as the last higher low.

Zcash On-Chain Activity Against Monero

Zcash was dominating in network activity even when compared with its fellows in the privacy sector, which is generally bullish.

In terms of the number of transactions on the blockchain per day, Zcash was outstripping Monero, with 80K against 30K. This was a clear indication of heels, with the run taking place mainly in November.

Otherwise, the chains had averaged below the 40K mark, though XMR had been ahead for the longest time since August this year.

In summary, Zcash price was demonstrating very bullish signals on the on-chain and technical side. ZEC was still, however, at risk of distribution, having been bullish since late September.

In the meantime, the current conditions meant that ZEC price was trading around a great accumulation zone, but only if the sentiment in privacy coins was sustained.