Zcash (ZEC) price has recently surged, outperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Over the past 24 hours, ZEC saw an impressive 18% increase, with its volume spiking to $1.24 billion, marking a 74% rise.
The increase is after a considerable downturn since the cryptocurrency had fallen by approximately 30% in the last month. The recent spike implies that there might be the change in the mood of the crypto market, and ZEC might be starting the new wave of bullishness.
This surge has put Zcash among the best gainers in the market, with its price increasing by 25% just within a week. The fact that the breakout happened within a long-term trendline and during a period of 24 hours is also a positive indication of the 2025 continuation of the uptrend.
Zcash is set to be on a good position in the next few months as privacy coins continue to pick up.
Phreeli Launches Privacy-Focused Mobile Service Today
Phreeli, a new anonymous phone service, has launched in the U.S., offering a fresh approach to user privacy. The service allows the customers to register by giving their zip code without having to fill personal information.
The service is based on zero-knowledge proofs (ZKPs), which means that users can check their bill payments without confirming their identities.
Phreeli development was an important element of Zooko Wilcox, co-founder Zcash. He contributed to the integration of ZKPs to make it possible to make bill payments without sharing credit card or bank details. This partnership is indicative of increased trust in the zero-knowledge technology as a privacy tool.
Phreeli is also launched when the need of privacy technologies grows. The cost of the native cryptocurrency of Zcash, ZEC, has increased by 25%. The leap comes after the excitement following the proposed presentation by Wilcox to the United States Securities and Exchange Commission (SEC) roundtable.
He will speak to the SEC officials and privacy advocates on the role of zero-knowledge technology in secure financial systems on December 15. Privacy coins and shielded transactions are other aspects that may be legitimized further by the roundtable.
The introduction by Phreeli underscores the point of privacy technology and the regulation. The increasing demand of privacy in a world characterized by heavy surveillance is highlighted by services such as Phreeli and the emergence of privacy coins such as ZEC. It can be argued that the use of Zooko Wilcox further substantiates the trend of safe and privacy-enhancing financial instruments.
Will Zcash Price Rally Above $500 Soon?
The latest ZEC price has surged to $409, marking an 18% increase. This price trend is an old and general trend towards the upward and upheld by an increasing price channel. ZEC has just recently hit the support level of $400, signaling high demand.
Technical indicators show an upward change in momentum. The Moving Average Convergence Divergence (MACD) stands at 8.77, indicating a positive trend.
Source: ZEC/USD 4-hour chart: TradingviewThe MACD histogram indicates the increase in the values with green bars, which is another evidence of the upward movement. The Relative Strength Index (RSI) is at 67, which indicates that ZEC is going into overbought.
Resistance is seen at the $450 level, with support close to $400. If Zcash price can maintain its upward momentum, it may test the $500 resistance soon. A drop below $400 could indicate a potential pullback.
Source: https://coingape.com/markets/how-high-can-zcash-zec-price-go/
