Zcash Price Surges 43% in One Week Amid Breakout Above $1,000
Zcash has seen an impressive 43% price increase over the past week, reaching a high of $1,230 before retreating to around $1,197 on September 7.
The surge was fueled by a breakout above the $1,000 level and increased demand for Zcash's privacy features, which have seen significant adoption with roughly 30% of the circulating supply moved into shielded pools.
The rally also benefited from Grayscale's conversion of its Zcash Trust into the ZCSH exchange-traded fund, which opened a regulated brokerage route for US investors seeking exposure to Zcash without holding the token directly.
Team LAMBO Charts believes that Zcash has broken out of a large bullish pennant and is targeting $1,500, representing an advance of around 25% from the current price.