Privacy token Zcash (ZEC) touched a high of $163 on Thursday,  reaching its highest point since April 2022 following a breakout of its Bitcoin and dollar trading pairs.

Zcash rose for five days at a stretch from a low of $54 on Sept. 28 to reach $163 on Oct. 2, marking a 201% surge.

This week, on Oct. 1, Grayscale announced the Zcash Trust, describing Zcash as similar to Bitcoin in its design: "Zcash (ZEC) was created from the original Bitcoin code base, but it uses a privacy technology that encrypts transaction information and allows users to shield their assets," it said.

Zcash also saw positive sentiment as enthusiasts pushed it forward as insurance against bad actors using Bitcoin, noting that Zcash may serve as a safer alternative to BTC.

Entrepreneur and AngelList founder Naval Ravikant stated that while "Bitcoin is insurance against fiat, Zcash is insurance against Bitcoin."

Zcash takes breather

Zcash has steadily risen from a low of $34.48 on Aug. 20, marking a 379% surge if taken from the Oct. 2 high of $163.

The rally accelerated on Sept. 28, with ZEC seeing significant rises subsequently. In one of such, on Oct. 1, for instance, ZEC surged over 100% from a low of $74 to $153.

The rise met resistance at $163 on Oct. 2, causing the ZEC price to retreat. At press time, ZEC was down 3% in the last 24 hours to $143, but still up 176% weekly.

Following the surge, Zcash's daily RSI stepped into the overbought range, currently at 92, which might explain the retreat in price.

The good news remains that bulls have given up much ground, with Zcash attempting a rebound alongside the rest of the crypto market. The next major resistance awaits at $216, while support is envisaged at $80 in the event of a price drop.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。