Zcash (ZEC) has soared past the $500 mark for the first time in seven years, extending an extraordinary 900% rally since late September. The privacy coin now trades at $588.50 after gaining 9.83% in 24 hours, according to CoinMarketCap data at the time of writing. It reached a daily high of $595.03 and a low of $525.17. The rally signals strong momentum as the price continues to hover above the upper Bollinger Band at $558.36, a region that reflects heightened volatility and sustained market demand.
Parabolic Chart Pattern Shows Accelerated Momentum
The price curve of ZEC on the one-day chart is parabolic, with the crypto climbing steeply through the resistance levels. Analysts have noted a resistance at $596.41, which is also the level of the Fibonacci 0.0 extension. A breakout above this point could potentially take it all the way up to $650, while short-term support is at $485.37, with $416.67 and $361.15 at lower Fibonacci retracement levels coming next. This area may be a buy zone for traders if consolidation occurs.
Below, the 20-day simple moving average is at $359.46, marking the sharp rise of the new uptrend. The lower Bollinger Band at $160.55 illustrates that the token’s price has deviated from its average price. Trading volumes are still high, which means that the buyers are very much in control.
The Relative Strength Index (RSI) is at 87.36, indicating an overbought situation. However, the moving average of the RSI is quite robust at 76.21, illustrating that momentum has not completely dissipated yet.
Whale Position Fuels Rally as Market Interest Grows
Based on the on-chain monitor Hyperbot’s report, a big whale has increased his leveraged long position by 40,000 ZEC, which is more than $23.4 million. The position is now showing unrealized profits of more than $5.38 million. This dramatic accumulation has strengthened the assumption of a corresponding rally, indicating that the very best investors are making daring investments in the privacy-coin market.
The price increase of Zcash took place at the same time as privacy coins were getting the most attention from the market. According to market data, more than 30% of ZEC’s total supplies are now stored in shielded pools, which decreased the liquidity visible to the public and made the availability of exchanges tighter. This has created a price support that is structural, which has limited the supply circulating in the market and made it more scarce.
The cryptocurrency has managed to surpass the multi-year resistance level at $500 and is placed in what technical analysts refer to as a “parabolic trend.” Though the indicators point towards potential consolidation, the chart market structure still allows for a bullish continuation scenario.
Arthur Hayes Predicts $1K as Community Reacts
Former BitMEX CEO Arthur Hayes made the whole situation more exciting by posting on X, “Next stop $ZEC = $1K.” On November 6, he again voiced his bullish outlook, telling people to buy more while the others were going short on the token.
Even though the price rose immensely, analysts still warned about the situation being overbought and the derivatives exposure. Strong whale activity, limited liquidity, and the increasing interest in privacy assets have, however, given Zcash’s upward momentum the strength to stand firm.