Zcash Soars 43% in One Week, Targets $1,500 After Bullish Pennant Breakout

Zcash's price surged to $1,197 on September 7 after gaining approximately 43% over the week. This rapid increase was driven by several factors, including a breakout above $1,000, ETF demand from Grayscale's ZCSH exchange-traded fund, and short liquidations.

The daily Supertrend remains bullish, with its trailing support near $934. The 4-hour Bollinger Bands show immediate resistance around $1,273 and support near $1,098.

Team LAMBO Charts described ZEC's move as a breakout from a large bullish pennant that had contained price for several months. According to the analyst, Zcash's next major target is $1,500, representing an advance of about 25% from the current price.