Zcash Leads Crypto Market Recovery in Asia
Zcash (ZEC) is driving the crypto market’s recovery in the early Asian session on Friday. The token rose 12% in the past 24 hours, boosting its weekly gain to nearly 25%. This rise coincides with increased social media activity around ZEC and its treasury firm, Cypherpunk Technologies (CYPH).
Data from LunarCrush shows Cypherpunk Technologies’ social engagement hit 47,100, which is 261% above its daily average. The firm recently added Zcash cofounder Zooko Wilcox as a strategic advisor. In November, Cypherpunk raised $58.8 million in a private placement. It used $50 million to buy 203,775 ZEC tokens. CYPH shares gained 9.7% on Thursday, according to Google Finance.
Market Context and Other Cryptocurrencies
ZEC’s rise comes after a brief market dip following a hawkish rate announcement by the US Federal Reserve on Wednesday. Other major cryptocurrencies like Bitcoin, Ethereum, and XRP are also showing signs of recovery in the last few hours.
Zcash Price Outlook and Technical Analysis
- ZEC saw $8.8 million in liquidations over 24 hours, including $7 million in short liquidations (Coinglass data).
- ZEC found support at the lower boundary of an ascending triangle pattern.
- Resistance lies between $472 and $485; a close above this range could drive ZEC to $620.
- This target comes from measuring the triangle’s height and projecting it upward from the breakout.
- The Relative Strength Index (RSI) is at 62, and the Stochastic Oscillator (Stoch) is at 72, showing a pullback from overbought levels.
