Zcash (ZECUSD) Jumps 400% YTD: Can Bulls Hold the Rally?

Arthur Hayes’ $10K Call Ignites Market Frenzy

ZECUSD has soared over 400% YTD on the Binance exchange, with the bulk of gains recorded in September (+83.8%) and October (345.5% MTD).

The list of price-supportive factors includes, first and foremost, the forecast of Arthur Hayes – a co-founder of BitMEX and a prominent crypto enthusiast – that the token is set to rally to $10k, which unleashed FOMO across the market.

Tech Upgrades Strengthen Zcash Fundamentals

Additionally, as noted by crypto experts, around one-third of all ZEC tokens is stored in shielded wallets, curbing supply.

Another crucial factor involves technological upgrades in the network that boost scalability.

Finally, some experts have voiced opinions that demand for privacy crypto assets such as ZEC are currently on the rise – although anonymous transactions might draw regulatory scrutiny.

Technical Outlook: Key Support and Resistance Levels

Technically, the daily chart reveals the ongoing formation of a bullish trend, with the token trading near the upper bound of the regression channel.

Interim horizontal support is near $298.8, where 23.6% Fibonacci retracement also lies.

This level will likely be the next target in the event of a bearish gambit.

A breakdown would open the door to the next retracement level at $252.2.

Nonetheless, as long as the bulls hold the upper hand, traders should factor the token’s further upside potential into their strategies.

Under this upbeat scenario, the immediate target could be $429.15, which is 100% of the leg higher seen during the first half of October.