Zcash Price Soars to $1,330, Breaking Out of Falling Channel
Zcash's price has seen a significant increase over the past four months, rising from nearly $250 to over $1,330. This surge has left some investors who sold their Zcash during the panic four months ago regretful, as they missed out on the substantial gains.
A recent post on X highlights the impact of a bug disclosure on the price of Zcash. The post claims that the bug could have allowed someone to create undetectable fake ZEC coins within the Orchard shielded pool, leading to a crash in price from around $630 to nearly $250. However, the post argues that when a problem gets fixed and the underlying thesis remains strong, even negative headlines can become a test of conviction.
From a technical analysis perspective, Zcash's price has broken out of a falling channel, with the latest candles moving above the upper line. The 200 EMA is still rising, and the breakout is confirmed. The resistance levels to watch are $1,355.37, $1,501.51, and $1,700, while the first confirmed support levels are $1,278.34 and $1,272.56.