Zcash (ZEC) has witnessed a dramatic price increase, soaring over 30% in the past 24 hours to trade around $673, driven by optimism surrounding the upcoming launch of shielded transactions on the Zashi Wallet. The altcoin, which recently bottomed at $423, has recorded three consecutive days of higher closes, bolstered by a 35% jump in market cap, positioning it as the 12th-largest cryptocurrency.
Trading volume surged 82%, with aggressive buying activity evident in a positive Buy Sell Delta of 200K, where buy volume outpaced sell volume at 1.6 million versus 1.4 million. Futures markets also showed heightened participation, with Derivatives Volume up 104.92% to $9.4 billion and Open Interest rising 43.93% to $1.28 billion. The Long Short Ratio reached 1.04, indicating a dominance of long positions.
Technical indicators, such as the Stochastic Momentum Index (SMI), made a bullish crossover, rising to 6.6 and signaling strong upward momentum. If demand persists, ZEC could break the $750 resistance level to target $875, but a failure might see support near $495, aligned with the 18-day moving average.
The surge is primarily fueled by the Zashi Wallet's new feature, powered by Near Intents, which will enable users to privately swap cryptocurrencies like Bitcoin into shielded ZEC starting next week. However, this innovation has drawn criticism from on-chain monitor ZachXBT, who warned of potential risks from address leakage in refund processes.
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