Privacy Coin Zcash (ZEC)
Hits 2-
Year High, Tops $
175 Million
Trading Volume,
ZEC, the native token of privacy-focused protocol Zcash, has surged by 23% in
the past 24 hours, making it the crypto market’s top gainer. It has
outperformed major assets like Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, which rose by 1% and 3%,
respectively, during the same period.
Currently trading at a two-year high of $56.93, ZEC appears poised for further
growth. Here’s why.
Zcash Rallies, Thanks to Tornado Cash
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ZEC’s double-digit rally mirrors the broader uptick in the values of privacy
tokens over the past 24 hours, driven by a landmark US federal appeals court
decision.
The court struck down Treasury Department sanctions• Политика » Геополитика » Международные отношения » Международное право » Международно-правовые санкции on Tornado Cash, a
crypto-mixing service previously targeted by the Office of Foreign Assets
Control (OFAC) in 2022 for allegedly facilitating illicit activities.
The ruling found that OFAC overstepped its authority, emphasizing that Tornado
Cash’s immutable smart contracts do not qualify as “property.” Since this
ruling, the market capitalization of top privacy tokens has risen by 4%.
ZEC Reacts Positively
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As of this writing, ZEC trades at $56.93 , a price it last touched in October
2022. This surge has been accompanied by a significant uptick in trading
activity, with volume reaching $175 million over the past 24 hours — marking a
68% increase.
When an asset s trading volume climbs alongside its price, it indicates
strong market interest and heightened activity among buyers and sellers. This
combination suggests a sustainable price rally. The increased trading volume
reflects greater liquidity inflow and widespread participation in the market
rally. ZEC Price and Trading Volume. Source: Santiment
ZEC’s Aroon Up line on the daily chart confirms the strength of its uptrend,
currently standing at 100%. The Aroon Indicator measures trend strength and
direction by tracking the time since the highest high (Aroon Up) and the
lowest low (Aroon Down) within a specific period.
An Aroon Up value of 100% indicates a recent new high, signaling strong upward
momentum. In ZEC’s case, the Aroon Down line is at 7.14%, reflecting minimal
downward pressure and further supporting the bullish trend. ZEC Aroon Line.
Source: TradingView
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ZEC Price Prediction: A New High on the Horizon?
If the current rally persists, the ZEC token price will establish support at
$57.20. Successfully achieving this may propel its price toward $66.98, a
level it last reached in September 2022. ZEC Price Analysis. Source:
TradingView
However, if profit-taking activity commences, the ZEC token price may fall to
$49.29.
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