Why is Zcash's ZEC the only crypto pumping right now?

Zcash (ZEC) experienced a massive rally of nearly 500% in October, significantly outperforming the broader cryptocurrency market. This surge is attributed primarily to high-profile endorsements from figures like Naval Ravikant, Mert Mumtaz, and Arthur Hayes, which fueled bullish narratives and attracted momentum traders. Furthermore, the rally was amplified by a classic short squeeze, where nearly $65 million in cumulative liquidations, mostly from short positions, forced traders to cover, adding rocket fuel to the price increase. Retail FOMO, evidenced by search spikes, sustained this momentum. However, technical analysis on the daily chart indicates a rising wedge pattern, coupled with bearish divergence between the rising price and declining RSI readings, suggesting that buying strength is waning. This pattern warns of a potential 30% correction toward the $260–$270 support zone in November if the lower trendline of the wedge is broken.

(Source：Cointelegraph)