- On April 24, Zcash (ZEC) price gained an upward momentum and soared above 5% on a daily chart amid the positive sentiment in the crypto market.
- The current price chart suggests that Zcash is following a classic bullish reversal pattern, which comes after breaking out from a long-term descending channel.
- One of the major factors behind the surge is the release of a major security patch in the zcashd version 6.12.0 software to fix a long-standing weak point in the legacy Sprout shielded pool.
On Friday, Zcash (ZEC), one of the leading privacy coins, witnessed a spike of 5% on constant buying pressure, helping the cryptocurrency to soar above $360 in the last 24 hours.
The surge in Zcash ZEC5.17% is part of a larger recovery for the asset, as in the 30 days, Zcash has gained more than 55%.
At the time of writing this, Zcash is currently trading at around $362 with a market capitalization of around $6.03 billion on a daily chart, according to CoinMarketCap. The daily trading volume has shot up by 21%, soaring above $622.08 million. This makes it among the top 20 most valuable digital assets in the world.
Security Patch and Quantum Computing Fears Spark the Rally in Zcash (ZEC)
A main reason behind this recent price surge is the release of a major security patch in the zcashd version 6.12.0 software. This update has fixed a long-standing weak point in the legacy Sprout shielded pool.
According to experts, this weakness could have allowed bad actors to take money out of the system. By fixing this issue privately before any attack could happen, the development team has greatly increased investor confidence. They have also reduced the looming risk of cyber attacks on the protocol.
A recent research paper from major technology groups about the future of quantum computing has triggered a shift of capital into assets with advanced cryptography.
Investors are increasingly seeing the zero-knowledge proof architecture of Zcash as a structurally better model. They are comparing it to the standard elliptic curve schemes used by older blockchains.
Zcash Price Gives Bullish Sign After Soaring Above MA
According to the current price chart on TradingView, Zcash is now showing a classic bullish reversal pattern. This comes after breaking out from a long-term descending channel. This price recently claimed its 200-day moving average at $344. This is a major in the ZEC’s price chart.
It generally shows the start of a sustained upward trend. The Relative Strength Index (RSI) is currently revolving around 61, which suggests that the asset has strong bullish momentum without reaching the overbought limit of 70. This suggests that the cryptocurrency might see more upward movement.
At the same time, Moving Average Convergence Divergence (MACD) is showing a positive histogram that is continuing to grow. The 20-day Exponential Moving Average at $299.80 is providing dynamic support.
Right now, traders are watching the immediate resistance level at around $354. If it manages to break above this level, it could spark a short squeeze toward the $400 psychological target.
The surge in the ZEC price comes after Bitcoin soared above $77,000 and managed to hold the position above this level.
The Zcash Foundation has officially released its 2026 strategic roadmap, which is expected to move the network toward a consensus mechanism. Major progress is being made on the Zebra consensus node. This node is designed to improve network decentralization and reduce reliance on single software setups.
Also Read: Spark Price Eyes $0.35 Support as Post-Rally Profit Booking Kicks In
Source: https://www.cryptonewsz.com/zcash-zec-price-soars-5-360-bullish-sentiment/
