ZCash price continued its strong comeback as investors piled into privacy-focused cryptocurrencies ahead of Donald Trump’s inauguration. The ZEC token rose to $64, up by 55% from its last week’s low.
ZCash’s rebound has coincided with that of other privacy coins. The Horizen (ZEN) token has gone parabolic, rising in the past five days even as other cryptocurrencies remained in a technical correction. After its final halving event, ZEN soared to $34, up by 390% from its lowest level this year.
The ongoing rebound is likely because traders expect friendlier regulations under the Donald Trump administration. On Monday, the president-elect appointed Bo Hines to serve on the Presidential Council of Advisors for Digital Assets. David Sacks, a key Elon Musk ally, will chair this council.
Privacy tokens have been under pressure in the past few years as regulators expressed their concerns about their security features. It is a Bitcoin hard fork that has introduced encryption tools to ensure that transactions cannot be tracked. As such, authorities have argued that the technology can be used to facilitate crime.
Crypto analysts are optimistic that the ZEC price will have more upside in the coming days. In an X post, one crypto analyst noted that the ZCash price would rise to $90, then $118, and then $142. He expects that the coin will surge to over $300 in this bullish cycle.
ZCash price analysis
ZEC price chart | Source: TradingView
The weekly chart shows that it is easy to make a bull case for the ZEC price after spending over two years in a consolidation phase. The coin has formed a rounded bottom, a popular bullish sign in the market. It has also jumped above the 50-week Exponential Moving Average (EMA).
ZCash’s price also has a relatively low market value to realized value (MVRV), which is 2.4. A crypto asset is said to be expensive when the MVRV-Z score figure rises above 3.7, a sign that it has more gains.
The Relative Strength Index (RSI) and other oscillators have also pointed upwards. Therefore, the token will likely continue rising as bulls target the next key resistance at $104, the 23.6% retracement point, which is about 62% above the current level.
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