Zcash (ZEC) has captured the crypto market’s attention in the past 24 hours after recording a price surge of more than 10%. This surge occurred shortly after Monero, its rival privacy coin, suffered a 51% attack from an entity called Qubic.
While most cryptocurrencies tended to move sideways or even decline, ZEC actually rose sharply. Traders apparently began to view Zcash as a safe haven after confidence in Monero began to waver.
According to CoinMarketCap data, the attack on Monero itself occurred on August 19, just a day after the Qubic community also directed an attack on Dogecoin. Although Zcash was not attacked, its zk-SNARK-based technology attracted renewed attention. It could be argued that the market views it as a more resilient privacy alternative.
ZEC shows technical strength as capital rotates from Monero
The capital inflow appears to be more than just speculation. ZEC’s 24-hour trading volume surged 5.33% to reach $107.9 million.
There’s an interesting pattern: whenever Monero experiences a turbulence, the altcoin often rises along with it. For example, on August 13th, when concerns about Monero resurfaced, Zcash also surged by more than 10%. Coincidence? Not likely.
On the technical side, ZEC is showing quite convincing bullish signals. The price has broken through the 23.6% Fibonacci level at around $41.83 and also surpassed the 7-day SMA at $37.38.
Another thing to be optimistic about: the MACD histogram is finally positive for the first time since August 15th, with a value of +0.63. The RSI 14 is also still at 58.59, far from the overbought zone. Analysts predict the price will test the next resistance at $44.1.
Zcash pushes forward with upgrades, adoption, and bold price targets
Furthermore, in terms of network development, Zcash recently released the zcashd v6.3.0 update on August 1st. This upgrade is mandatory for all nodes before August 6th, as support for the older version is discontinued.
This update isn’t just about bug fixes. There are also crucial network performance improvements to maintain stability. If nodes don’t update quickly enough, temporary fragmentation could occur. But the development team appears to be well prepared for all of this.
Furthermore, ZEC’s integration with the NymVPN service last July also expanded its functionality.
Now, users can pay for the VPN anonymously through shielded Zcash transactions. NymVPN itself already has over 500,000 active users. This represents a concrete step for Zcash to move beyond financial privacy to communication privacy.
On the other hand, technical analysis by analyst Javon Marks states that ZEC is on track to reach its technical target of $308.46. If this scenario pans out, it has the potential to rise more than 599% from its current level.