Zcash price jumped to the highest level since Nov. 27 as demand for privacy tokens rose and the futures open interest neared its all-time high.
Summary
- Zcash price has rebounded to the highest point since November 27.
- The futures open interest has jumped to near its all-time high.
- Technical analysis suggests that the ZEC price has more upside.
Zcash (ZEC) token soared to a high of $513, up by over 70% from its lowest level this month. This surge has made it one of the best-performing tokens in the crypto market.
ZEC’s surge coincided with the rising demand for privacy tokens. For example, Dash (DASH) token has jumped by over 26% from its lowest point this month.
Monero (XMR), the popular privacy token, has soared to $452, up sharply from the November low of $320. Other similar tokens like Midnight, Horizen, and Decred have rallied.
The token has continued rising as futures open interest has continued soaring. It jumped to a high of $1.3 billion, its highest level since Nov. 17. It has continued rising from this month’s low of $700 million.
Rising open interest is a sign that demand among investors is rising. Similarly, the volume in spot exchanges has continued rising in the past few days. Volume jumped to over $4.18 billion on Sunday, its highest point since December 12.
More data shows that users have intensified their use in the past few months. For example, the number of transactions jumped to 46.6k in the last 24 hours. Also, the shielded supply has soared to over 4 million.
Zcash price technical analysis
The daily timeframe chart shows that the ZEC price has rebounded in the past few days. It has jumped from a low of $302 earlier this month to the current $515.
The token has moved above the 50-day Exponential Moving Average, a sign that bulls are in control. It has moved above the key resistance level at $470, its highest point on Dec. 13.
The token is attempting to move above the upper side of the Supertrend indicator. Therefore, the most likely Zcash price will likely continue rising as bulls target the year-to-date high of $746. A move above that level will point to more gains, potentially to the psychological point at $800.
