Zcash (ZEC) Keeps Flying: What’s Next After Crossing $1,500?

The well-liked privateness coin has been unstoppable these days, briefly surpassing a 10-year high of $1,500. It at present trades at roughly $1,470 (per CoinGecko), up a staggering 190% in a month.

Check out the place the following bullish targets stand.

Far From Being Done?

Zcash has grow to be crypto’s rock star after beginning a significant bull run over the previous a number of months and displaying no indicators of exhaustion. If you might be curious to study the primary elements fueling the rally, take a look at our detailed article right here. You may also discover extra data here.

X person Scient claimed that ZEC is virtually in worth discovery and doesn’t anticipate a cool-off anytime quickly. The analyst recommended that the asset’s worth might “simply” climb above $5,000 when Bitcoin (BTC) hits a brand new all-time high.

Ali Martinez argued that “momentum stays sturdy,” including that the valuation continues to maneuver towards his first goal at $1,800. “That’s the extent I’m watching subsequent,” he mentioned. The analyst initially made his bullish guess towards the tip of August, when ZEC was buying and selling round $820.

The greatest optimist seems to be Picolas Cage. The X person predicted that Zcash might skyrocket to $14,000 and pressured that this isn’t a sarcastic tweet.

“Just don’t assume folks have found out the place we’re within the cycle or what’s happening with this commerce,” they added.

The Bearish Take

Crypto with Harris ₿ is among the many few to make a pessimistic prediction. He revealed that he opened a $100,000 quick place on ZEC and defined why. The analyst famous that the asset has been pumping repeatedly from $500 with none main correction.

“ZEC is simply not a random meme coin; it has actual fundamentals and a powerful privateness narrative, however that doesn’t imply worth will go straight up perpetually,” he claimed.

Second, the analyst famous that too many individuals have grow to be assured after the pump and are flocking to purchase out of FOMO. This phenomenon sometimes happens at cycle tops and sometimes precedes a correction. Next, the X person mentioned an enormous a part of the latest rally got here from quick liquidations, arguing that the squeeze has slowed.

“There are nonetheless many the reason why I’m bearish on  ZEC. The worth has already pumped an excessive amount of, open curiosity could be very high, many of the bullish information is already out, and from right here it wants much more recent cash to maintain going up. So watch out should you’re buying and selling ZEC right here, particularly with high leverage. This is simply my view and my commerce, not monetary recommendation. Always do your personal analysis and handle your threat. My liquidation is above $7K, so I’m secure,” he concluded.

Meanwhile, Lookonchain revealed that one dealer who as soon as gained 26 trades in a row, had an 89% win charge, and remodeled $9 million has opened a $18.3 million quick place on ZEC and is now down $7.66 million. The mysterious whale faces liquidation if the asset’s worth reaches about $1,551.

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