Over the past 24 hours, Zcash (ZEC) has risen 13.01% to $1,408.54, significantly outperforming the broader market’s modest gains. The main reason is the community’s strong support for its next network upgrade.
1. Main reason: The NU7 governance vote passed a proposal to accelerate block times with near-unanimous approval (99.9%), while keeping ZEC’s Bitcoin-like halving schedule. This is a positive signal for network usefulness and scarcity.
2. Secondary reason: The privacy coin sector as a whole rose 7%, driving greater attention and capital inflows into ZEC as a leading asset in the space.
3. Near-term market outlook: If ZEC can hold the $1,300 breakout level, it may test the $1,520 area near the 161.8% Fibonacci extension. If it breaks below $1,300, it could pull back to the $1,250 support level.
$ZEC
1. Main reason: The NU7 governance vote passed a proposal to accelerate block times with near-unanimous approval (99.9%), while keeping ZEC’s Bitcoin-like halving schedule. This is a positive signal for network usefulness and scarcity.
2. Secondary reason: The privacy coin sector as a whole rose 7%, driving greater attention and capital inflows into ZEC as a leading asset in the space.
3. Near-term market outlook: If ZEC can hold the $1,300 breakout level, it may test the $1,520 area near the 161.8% Fibonacci extension. If it breaks below $1,300, it could pull back to the $1,250 support level.
$ZEC