The surge of the privacy-focused cryptocurrency Zcash (ZEC) is gaining momentum. Recently, it has experienced a significant price increase of 520% in one month, reaching a remarkable seven-year high of $370 before settling around $350.

ZEC Price ZEC Price, Source: CoinGecko

This incredible rally has propelled Zcash’s market capitalization close to $6 billion, making it the 35th largest cryptocurrency, even surpassing well-known altcoins such as Toncoin and Polkadot. Analysts anticipate that while the price is still below its all-time high of nearly $1,900 from 2016, a new bull run could be on the horizon.

According to analyst JonnyJpegs, ZEC could reach $2,356, with the next resistance point at $790. He stated:
“This is the roadmap to Zcash becoming a top 10 coin. The market is telling you that privacy matters.”

Trader BitBull sees a potential for a mini bull phase with a target of $800, suggesting that if ZEC breaks the resistance at $370, a significant rise to $4,000 could follow.

Notable investor Arthur Hayes, co-founder of BitMEX, has also commented on ZEC’s explosive growth, predicting it could soar to $10,000, although this would require a market cap exceeding $160 billion.

The Risk of a Correction

While the enthusiasm is palpable, ZEC’s Relative Strength Index (RSI) hints at a possible price correction. An RSI above 70 indicates overbuying, and currently, it stands at approximately 76, suggesting a potential pullback may be imminent.