- On April 23, Zcash (ZEC) price soared above 8% on a daily chart, helping its price to soar $343 with $5.7 billion.
- The surge in cryptocurrency comes after the recent listing on Robinhood and bullish momentum in the crypto market.
- However, the Zcash price is already at the overbought level, which might cool down the upward momentum in the privacy coin.
On Thursday, the Zcash (ZEC) price experienced a surge of about 7% following the listing on Robinhood and positive sentiment in the cryptocurrency market as Bitcoin (BTC) holds its position above $78,000.
At the time of writing this, the leading privacy coin, ZEC, is currently trading at $343 with a surge of 6.98%, according to CoinMarketCap. The cryptocurrency holds a market capitalization of around $5.7 billion. Its daily trading volume also shot up by 38% and currently revolves around $511.86 million.
The surge in cryptocurrency is coming from the large and steady amount of inflows of money from big institutions and retail investors.
Zcash’s Listing On Robinhood Sparks Rally
The main reason behind this price surge is the official listing of Zcash on the Robinhood trading platform. This listing took place on April 23. This development is very important because it gives millions of everyday retail investors an easy way to buy a privacy-focused asset.
Before the listing, such assets were hard to get through traditional financial apps. According to experts, this is a listing pump as a major brokerage adds a new token. This happens because the listing greatly increases the liquidity and the possible number of buyers for the asset.
Apart from the listing, there is also a growing need for technologies that protect privacy. As government surveillance and regulatory pressures become stronger around the world, many investors are moving their funds into assets that use zero-knowledge proofs.
According to the TradingView price chart, Zcash ZEC8.94% is now moving in a classic parabolic breakout pattern as Bitcoin holds above $78,000. This pattern is supported by a sharp climb followed by periods of high volume consolidation.
The Relative Strength Index (RSI) is currently sitting at around 73, which puts it in the overbought zone. This suggests that a short period of profit-taking could happen soon. However, the price remains well above the 200-day Simple Moving Average, which is at $281. This confirms that the long-term trend has shifted from bearish to clearly bullish.
On-chain data are also confirming the growth in the Zcash ecosystem. The number of shielded transactions has reached an all-time high, which are those that use the protocol’s advanced privacy features. This is showing that the network is being used for its real purpose, and the cryptocurrency is soaring from real utility without relying on a temporary hype.
The Zcash Foundation has recently announced its important roadmap for the rest of the year 2026. The new roadmap includes some major developments. One of the most important updates is the planned deployment of the NU7 network upgrade.
This upgrade is expected to make the blockchain more scalable while also reducing the computing power needed for private transactions. In addition, the protocol is expanding its reach through connections with new platforms like MemeCore.
This integration allows users to take part in community-based projects while still keeping their financial information private. These upgrades are expected to make Zcash more competitive with other Layer 2 scaling solutions by providing better speed and confidentiality at the same time.
Also Read: AAVE Price Holds Key Support While Traders Build Leverage Positions
Credit: Source link
