Zcash price continued its recent rally on Monday as the total shielded value in its network and social dominance score rose.
Zcash (ZEC) jumped to a high of $56.75, its highest level since January, and 125% from its lowest point this year. This rally has brought its market capitalization to almost $900 million.
ZEC’s rally happened as data showed that the total shielded value rose to 3,062,081 ZEC, up from last month’s low of 2,650,000 ZEC.
ZEC shielded value chart | Source: Zcash Dashbord
The shielded value represents the amount of ZEC held in the sprout and sapling pools, which are linked to shielded addresses. These addresses use zero-knowledge proofs to encrypt transaction data, including the sender, recipient, and amount.
These funds differ from those in transparent pools, where transaction details are publicly visible. The transparent pools currently hold 12,977,815 ZEC.
The separation between shielded and transparent pools underscores Zcash’s reputation as a privacy coin.
ZEC price has also jumped as demand for privacy coins has increased following the end of Tornado Cash’s legal issues. Monero (XMR), the biggest privacy coin in crypto, has jumped for eight consecutive weeks and is nearing its all-time high.
Zcash price technical analysis
ZEC price chart | Source: crypto.news
The daily chart shows that ZEC bottomed near $28, a level it failed to break below on at least three occasions since February. From there, the token broke above the key resistance at $42.45, the high from March 2 and April 1.
ZEC is now approaching the 38.2% Fibonacci retracement level. A crossover between the 50-day and 100-day Exponential Moving Averages has formed, which is typically a bullish signal.
The Relative Strength Index has climbed to 74, indicating overbought conditions. ZEC has also entered the third phase of the Elliott Wave cycle, which is often the longest and most impulsive.
Given this setup, ZEC is likely to continue climbing, with bulls eyeing last year’s high of $79.80, an upside of 47% from current levels.