Zcash (ZEC) Skyrockets 24%: Is $616 the Magic Number Next?

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Oh, my dear readers, hold onto your hats! Zcash (ZEC), that cheeky little cryptocurrency, has decided to make a dramatic entrance, leaping to a cool $418 after a delightful 13% rise in the last 24 hours. The past week? Well, it’s been even more of a show-off, climbing 24%-because why settle for just a little when you can go full throttle?

This little jaunt follows a rather cheeky breakout, with the price clearing $407 and turning that area into a support zone, which, as one might expect, is now a veritable haven for all things ZEC. The trend, dear readers, remains as bullish as a thoroughly caffeinated bull, though traders are keeping an eye on potential resistance levels, just in case the party gets a bit too wild.

Breakout Still Holding Strong as Price Marches Toward Resistance

As ZEC gallops toward the 0.382 Fibonacci retracement level-quite the mouthful, I admit-at $472, one can only imagine the collective gasps in the trading community. Will this level act as a pesky resistance? Or will ZEC barrel through it like a kangaroo on a sugar rush? If the latter occurs, the next targets in the crosshairs are $525 and $616. These zones, my dear Watson, are historically significant, where price has paused or done a little pirouette in the past. Quite the dramatic entry, no?

The 50-period moving average around $357, meanwhile, has offered some support on the rise. It’s almost as though ZEC is waltzing its way up, with the moving average being its trusty dance partner, spinning and twirling through the trends.

Zcash (ZEC) price chart 09.12. Source: TradingView

Now, onto the Relative Strength Index (RSI), which is currently at 69. Quite the saucy number, wouldn’t you say? It’s tiptoeing near the overbought zone, suggesting that while momentum is as strong as an ox, the pace may soon slow down. The market, after all, is nothing if not a master of suspense.

Whales Are Gobbling Up ZEC While Retailers Throw In the Towel

Ah, and here’s where it gets a bit rich-Ardi, the ever-watchful analyst, has noticed a rather amusing split between the behavior of retail and institutional players. While retail accounts ($0-$1k) and mid-sized wallets ($1k-$100k) are aggressively selling, those holding $100k to $10M are merrily increasing their positions. It’s almost as if the big boys are gathering up the breadcrumbs that the retail crowd is tossing aside.

In fact, over $30 million worth of ZEC from smaller accounts has been sold off, while the big wallets are quietly swooping in to buy $100 million worth of the stuff. Ardi, ever the charming wordsmith, calls this “institutional absorption.” Ah, yes, just the sort of thing that leaves retail investors wondering whether they’ve missed the memo.

“You are handing your coins directly to the entities who are trying to rip this higher,” says Ardi, no doubt with a twinkle in his eye.

Meanwhile, BeLaunch, another analyst with a nose for drama, notes a rejection near $425, followed by a reduction in volume and positioning from short-term holders. It’s like the market is teasing us, holding out a tantalizing glimpse of a higher price before pulling it away with a dramatic flourish. So much suspense!

New Fee Proposal and ETF Conversion Plans

And if all of this wasn’t enough to keep your head spinning, there’s more! The Zcash development team has come up with a proposal to shake up transaction fees during periods of congestion. The update, which would base fees on the median of the last 50 blocks (because, of course, why not?), includes a “10x fee lane” for those desiring priority during peak demand. Naturally, this will all roll out in phases-because who doesn’t enjoy a good cliffhanger?

And speaking of grand proposals, Grayscale has submitted a rather intriguing one to convert its Zcash Trust into an ETF. If approved, this could open the doors to traditional investors, allowing them to gain exposure to ZEC without having to hold the asset itself. A clever move, I dare say, but only time will tell if it’ll be met with applause or a resounding yawn.

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2025-12-09 12:52