The privacy-focused Zcash (ZEC) extended its bullish breakout on Thursday, as a combination of market momentum and positive news headlines helped the lagging cryptocurrency surge to new yearly highs.ZEC: $100 in the Cards
For the first time since November, Zcash is making a big push toward the psychological $100 level and a breakout appears highly likely in the near term. The cryptocurrency peaked at $99.68 on Poloniex, marking a new high for 2019. ZEC last traded at these heights in mid-November prior to the bitcoin cash-induced selloff.
At press time, the ZEC/USD exchange rate was valued at $93.79, where it was up 9.8% during the session.Zcash (ZEC/USD) is trekking sharply higher after breaking the 200-day moving average. | Source: TradingView.
Zcash is in the midst of a bullish breakout that began just over two weeks ago after the price overcame the 200-day moving average. The latest rally puts ZEC into overbought territory, according to the daily relative strength index (RSI). A textbook pullback is expected under such conditions.
The accumulation/distribution (A/D) line, a volume-based indicator that measures supply and demand, suggests that traders are beginning to hold ZEC following the latest breakout. The A/D line has been in perpetual decline for the better part of a year, underscoring weak demand for ZEC. There’s evidence that this trend is finally reversing.What’s Driving ZEC?
Zcash appears to be playing catch-up with the broader market following a dismal first quarter. Between January and March, the ZEC price was virtually unchanged. Since April 1, prices have rocketed 52% higher.
The return of altcoin season is helping Zcash shake off some of the bearish sentiment that had prevented previous rally attempts. So far, the bearish-to-bullish trend reversal has discounted the role of privacy coins in fueling offshore deposits and digital wealth creation. Interestingly, Zcash is taking off at precisely...