Many major altcoins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), have moved lower over the past 30 days, following the market’s generally bearish trend.
In contrast, Zcash (ZEC) has bucked that pullback, rising roughly 90% during the same period.
How High Has It Gone?
ZEC became a focus of attention late last year when its price climbed from about $50 to over $700 within two months. That move occurred during a broad market rally, making Zcash one of the standout performers. The most recent surge, however, came amid a less supportive market, which made the advance more surprising.
Earlier this month, ZEC briefly traded above $630 before easing back to around $585, according to CoinGecko data. Its market capitalization approached $10 billion, pushing ZEC into the 14th-largest cryptocurrency slot after overtaking Cardano (ADA) and Bitcoin Cash (BCH). The broader strength among privacy-focused coins may have helped fuel ZEC’s gains—Monero (XMR) and Dash (DASH) have also posted monthly increases.
Social platforms saw renewed enthusiasm from traders expecting further upside. For example, CryptoJack suggested ZEC had broken out of a descending channel, indicating the potential start of a larger upswing. Other commentators echoed the optimistic view: AltCryptoGems described ZEC as “pretty bullish,” noting a possible breakout from a bull flag, while JAVON MARKS highlighted the token’s strong momentum and projected a move above $700.
Is a Pullback Likely—and Welcome?
Despite the bullish sentiment, ZEC’s Relative Strength Index (RSI) points to a higher risk of near-term cooling. The RSI is a momentum indicator that ranges from 0 to 100; readings above 70 typically indicate overbought conditions and a higher chance of a pullback, while readings below 30 can signal potential buying opportunities. ZEC’s RSI briefly exceeded 80 and currently sits near 66, suggesting momentum has moderated but remains elevated.
Some analysts say a correction would be an opportunity. For instance, Altcoin Sherpa indicated they would consider entering positions if ZEC pulled back to $470 or lower, reflecting a desire among some traders to buy on a dip rather than chase recent highs.
Overall, Zcash’s recent performance stands out against a backdrop of weakness across many large-cap altcoins. While market commentary leans toward continued upside based on chart setups and broader interest in privacy coins, technical measures like the RSI suggest traders should be prepared for a potential near-term retracement. Investors should weigh both the momentum signals and the elevated risk when evaluating ZEC’s outlook.