The popular privacy coin has been unstoppable lately, briefly surpassing a 10-year high of $1,500. It currently trades at roughly $1,470 (per CoinGecko), up a staggering 190% in a month.
Check out where the next bullish targets stand.
Far From Being Done?
Zcash has become crypto’s rock star after starting a major bull run over the past several months and showing no signs of exhaustion. If you are curious to learn the main factors fueling the rally, check out our detailed article here. You can also find more information here.
X user Scient claimed that ZEC is practically in price discovery and doesn’t anticipate a cool-off anytime soon. The analyst suggested that the asset’s price could “easily” climb above $5,000 when Bitcoin (BTC) hits a new all-time high.
Ali Martinez argued that “momentum remains strong,” adding that the valuation continues to move toward his first target at $1,800. “That’s the level I’m watching next,” he said. The analyst initially made his bullish bet toward the end of August, when ZEC was trading around $820.
The biggest optimist appears to be Picolas Cage. The X user predicted that Zcash could skyrocket to $14,000 and stressed that this isn’t a sarcastic tweet.
“Just don’t think people have figured out where we are in the cycle or what’s going on with this trade,” they added.
The Bearish Take
Crypto with Harris ₿ is among the few to make a pessimistic prediction. He revealed that he opened a $100,000 short position on ZEC and explained why. The analyst noted that the asset has been pumping continuously from $500 without any major correction.
“ZEC is just not a random meme coin; it has real fundamentals and a strong privacy narrative, but that doesn’t mean price will go straight up forever,” he claimed.
Second, the analyst noted that too many people have become confident after the pump and are flocking to buy out of FOMO. This phenomenon typically occurs at cycle tops and often precedes a correction. Next, the X user said a big part of the recent rally came from short liquidations, arguing that the squeeze has slowed.
“There are still many reasons why I’m bearish on ZEC. The price has already pumped too much, open interest is very high, most of the bullish news is already out, and from here it needs a lot more fresh money to keep going up. So be careful if you’re trading ZEC here, especially with high leverage. This is just my view and my trade, not financial advice. Always do your own research and manage your risk. My liquidation is above $7K, so I am safe,” he concluded.
Meanwhile, Lookonchain revealed that one trader who once won 26 trades in a row, had an 89% win rate, and made over $9 million has opened a $18.3 million short position on ZEC and is now down $7.66 million. The mysterious whale faces liquidation if the asset’s price reaches about $1,551.
The post Zcash (ZEC) Keeps Flying: What’s Next After Crossing $1,500? appeared first on CryptoPotato.
