Zcash (ZEC) Rips While Bitcoin Dips — Can This Privacy Coin Run 49% Higher
Zcash is surging due to low correlation with Bitcoin, potentially aiming for a 49% rise toward $1,000.Summary
Zcash (ZEC) is experiencing a strong surge, driven by growing demand for privacy coins and a significant negative correlation (-0.78) with Bitcoin, allowing it to perform independently while BTC declines near $90,000. This decoupling has been consistent since early November, shielding ZEC from broader market pullbacks.
Macro indicators also support ZEC's upside, as its liquidation map shows approximately $51 million in short positions could be liquidated if the price reaches $788, discouraging bearish strategies and potentially fueling further gains.
Currently trading at $671 after a 65.5% gain this month, ZEC is positioned just below the $700 resistance. If momentum holds, the price could target $1,000, representing a 49% increase, provided it successfully breaks through $700, $800, and $900 resistance levels. A failure to maintain support could lead to a correction toward $600 or $520.
(Source：BeInCrypto)