The bid on privacy coins is continuing in full force, with Zcash (ZEC) leading the rally.
ZEC remains one of the most bullish crypto assets, posting nearly 60% gains over the past two days to hit a new 3-year high of $200.
It is today’s top gainer on CoinMarketCap as well, on a day when most altcoins are in the red.
A renewed interest in the privacy crypto sector, as well as strong institutional interest from Grayscale and others, has made Zcash one of the most attractive buys.
Top analysts and seasoned traders continue to be bullish as well, with $1000 emerging as a consensus long-term target.
However, considering its overbought RSI in multiple timeframes, interested ZEC buyers should avoid FOMOing at the current price and wait to buy lower at key support levels.
The US government’s support for Bitcoin has proved to be extremely bullish for its price action. Similarly, the strong institutional demand, as evident by the success of BTC treasury companies and spot Bitcoin ETFs, has been a boon.
However, crypto natives argue that top assets like Bitcoin and Ethereum have deviated from their original mission, which was to provide freedom and privacy and protect small-scale investors from institutions and the government.
Unsurprisingly, these early crypto entrants and maximalists are now pivoting to mission-oriented projects like Zcash.
Zcash and Starknet co-founder Eli Ben-Sasson has highlighted a motivated and mission-oriented team, cutting-edge zero-knowledge tech and decentralization as key reasons why he is a firm believer in Zcash and bullish on ZEC.
Former Trump advisor and a member of the Zcash Advisory Panel Thor Torrens has called Zcash the most important project in the world, claiming that ZEC is still massively undervalued.
The ZEC price is up by nearly 450% since August, and 170% in October alone, hitting the $200 mark on Thursday.
Zcash has already broken out of its macro descending trendline, as well as the $170 resistance, two massively bullish signals.
Top crypto analyst Ali Martinez expects the ZEC rally to continue over the coming weeks, highlighting that the next major resistance levels are at $290 and $650.
Meanwhile, another prominent crypto thought leader Chainyoda predicts that the Zcash price will hit $1000 before next May.
However, interested buyers need to be aware of the possibility of a sharp pullback. ZEC’s Relative Strength Index (RSI-14) is now in the overbought territory in daily, weekly and monthly timeframes. In fact, its monthly RSI is at its highest level ever.
The bulls would ideally hope for a monthly close above $180 and a flip of the $220 resistance, which would invalidate all bearish scenarios.
However, sidelined investors should be prepared for a rejection from the $180 resistance. In this scenario, they can buy on a successful retest of the $140 level, which is an attractive entry point for ZEC.
While ZEC is leading the charge, another low-cap ZK-backed project is stealing the headlines.
Bitcoin Hyper (HYPER) is the newest BTC layer-2 project, powered by zero-knowledge proofs and the Solana Virtual Machine.
It aims to bring the scalability, programmability and performance of modern blockchains to Bitcoin. Analysts believe that it could even emerge as the hub for a new wave of DeFi apps, payment protocols, and meme coins in the Bitcoin ecosystem.
The top layer-2 projects tend to reach multibillion-dollar valuations, and HYPER is nothing different.
Whales have been quick to stack the new crypto during its ongoing presale. This week, a wallet swapped 58 ETH for HYPER, investing $275k into the project. Last week, $500k and $310k were the biggest buys.
Thanks to such strong whale demand, the Bitcoin Hyper presale has raised nearly $23 million in short order. Prominent analysts, many of whom are early buyers, are eyeing up to 100x returns.
Visit Bitcoin Hyper Presale
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