ZCash Price Rises Amid Market Challenges
ZCash (ZEC) has gained for two days in a row. On Thursday, it traded near $190. Most cryptocurrencies are struggling as investors take profits. Interest in ZCash, a privacy-focused token, has grown. The futures market shows a big rise in Open Interest (OI). If ZEC passes $190 and holds it, a move above $200 could happen soon.
Ethereum Foundation Supports Privacy
The Ethereum Foundation (EF) values privacy highly. They say privacy means choosing what, when, and with whom you share information. In a recent blog post, EF confirmed its strong support for privacy. They want privacy to be a key part of the Ethereum ecosystem. This support benefits both individuals and institutions.
ZCash is the second-largest privacy protocol. It has a market cap of $3.1 billion. In the last 24 hours, ZEC’s trading volume exceeded $840 million, showing strong demand. Futures Open Interest reached $237 million on Thursday, up from $37 million on October 1. This 84% rise in less than ten days shows more traders expect ZEC’s price to rise.
Technical Signs Point to Bullish Momentum
ZCash shows positive signs for buyers. Key indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support a short-term uptrend. The RSI is at 72, signaling strong momentum. The MACD also shows a buy signal.
Traders expect ZEC to break above $200 soon. However, caution is advised as the RSI is in overbought territory. Price dips could offer good buying chances if demand for privacy tokens stays strong.
