Zcash’s recent price action has captured the attention of traders after confirming a classic Adam and Eve pattern on the weekly chart, paving the way for a potential surge beyond $900. The privacy coin has surged over 110% in the past month, briefly hitting $682 before settling near $600. Since its yearly low, ZEC has skyrocketed more than 245%, outperforming many altcoins.
The rally gained momentum after the SEC closed its investigation into the Zcash Foundation, easing regulatory fears. Grayscale’s filing for a spot Zcash ETF further boosted institutional interest. Notable figures like Arthur Hayes and Raoul Pal have publicly backed Zcash, with Hayes revealing it as his second-largest crypto holding after Bitcoin.
Supply conditions have tightened, with over 30% of circulating coins moving to shielded pools, reducing tradable supply. Foundry USA’s addition of mining support and the unveiling of quantum-recoverable wallets at Consensus Miami have strengthened network fundamentals.
Technically, the Adam and Eve pattern formed after a sharp drop to $190 early this year, followed by a rounded accumulation phase. The breakout above the $560 neckline projects a target near $929. The Supertrend indicator flipped bullish near $314, and the weekly MACD suggests continued upside momentum.
Liquidation data from CoinGlass shows dense short positions between $680 and $700, indicating potential for short squeezes. A trader with a large ZEC long position faced paper losses but remains committed. Funding rates on perpetual futures have risen as speculative interest grows.
Bitcoin’s stability near $77,000 has helped capital rotate into altcoins. Upcoming U.S. economic data could influence market liquidity. While ZEC is overbought per some analysts, the bullish structure remains intact as long as it holds above $560. A break above $680 could fuel a move toward $740 and beyond.