$ZEC spent most of June and July trading between roughly $380 and $570. That changed last week when price broke above $570 with a clear increase in volume.
From there, ZEC pushed toward $890 before pulling back to $817. It has cooled off from the $890 high, but the breakout is still holding for now.
The $800 area is the first level I would watch. If buyers continue defending it, ZEC could get another attempt at the $850-$890 region. A move toward $750-$780 would be a deeper retest, but it wouldn't necessarily invalidate the larger breakout.
There is also a lot happening around Zcash right now.
Grayscale's Zcash ETF started trading in the US today, giving investors regulated exposure to ZEC through a traditional ETF.
At the same time, Zcash holders have started the NU7 vote, which includes proposals around issuance, block times and previously removed ZEC. The vote is advisory, so none of these changes are immediately part of the protocol.
Mining economics have also changed dramatically after the price increase, making Zcash mining far more profitable than it was earlier this year.
$BTC has helped drive the move, but ZEC has its own catalysts behind the pump as well. The ETF launch, NU7 vote and surge in mining revenue are all adding to the story.
From there, ZEC pushed toward $890 before pulling back to $817. It has cooled off from the $890 high, but the breakout is still holding for now.
The $800 area is the first level I would watch. If buyers continue defending it, ZEC could get another attempt at the $850-$890 region. A move toward $750-$780 would be a deeper retest, but it wouldn't necessarily invalidate the larger breakout.
There is also a lot happening around Zcash right now.
Grayscale's Zcash ETF started trading in the US today, giving investors regulated exposure to ZEC through a traditional ETF.
At the same time, Zcash holders have started the NU7 vote, which includes proposals around issuance, block times and previously removed ZEC. The vote is advisory, so none of these changes are immediately part of the protocol.
Mining economics have also changed dramatically after the price increase, making Zcash mining far more profitable than it was earlier this year.
$BTC has helped drive the move, but ZEC has its own catalysts behind the pump as well. The ETF launch, NU7 vote and surge in mining revenue are all adding to the story.
