From CryptoPotato · By Dimitar Dzhondzhorov
The popular privacy token has once again emerged as a top performer after its price spiked by double digits in the past 24 hours and exceeded $1,300.
Bullish sentiment continues to dominate among analysts, many of whom expect the price to climb further and potentially set a new all-time high in the near future.
The Next Targets
The main driver behind ZEC’s most recent rally appears to be the upcoming NU7 upgrade. Set to go live at block 3,543,405 on November 5, the update will supposedly cut the target block time from 75 seconds to 25 seconds without affecting the token’s daily issuance rate.
According to several market observers, ZEC has more room to grow. X user Alaoui Capital claimed the asset has consolidated the same way it did before its massive pump earlier this year.
“Last time, Zcash consolidated at $450 before breaking out and pumping all the way to $1,600. Now it’s forming a similar structure at $1,200. Are we about to see another massive leg up,” they wondered.
Sweep and WIZZ also chipped in. The former recently claimed that once ZEC breaks above $1,350, it will then “very quickly” jump to $2,000. Several hours ago, the asset’s price stood less than $25 from that target. For their part, WIZZ expects ZEC to explode to a new all-time high of $3,500. Crypto with Harris ₿ joined the topic, too, revealing that he has made over $17,000 from long trades:
“Caught the perfect bottom at $1150 and ZEC pumped straight to $1280. I believe this ZEC pump will continue till $1300-$1320 and then it will dump back again to $1100. For now I am happy with my profit.”
Meanwhile, Lookonchain disclosed that another trader known as 0xf081 closed their BTC, HYPE, and ZEC long positions, taking a loss of almost $6 million. The market participant later opened new longs, but excluded Zcash from their exposure.
Pullback on the Way?
While the upcoming NU7 upgrade has helped fuel ZEC’s recent gains, the rally may weaken after launch, opening the door to a correction. The asset’s exchange netflow supports the bearish scenario.
Over the past several weeks, inflows have dominated outflows, suggesting investors have shifted from self-custody to centralized platforms, effectively increasing selling pressure.
ZEC Exchange Netflow, Source: CoinGlass
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