* Zcash sees 250% gains following breakout from cup and handle pattern.
* While being compared to Bitcoin, ZEC seems to be following gold’s setup.
* Indicators suggest Zcash’s price could get closer to the $300 mark soon.
A few days ago, many skeptics claimed that Zcash (ZEC)’s breakout was a short-lived pump. Yet today, the privacy coin has proved the doubters wrong.
Over the last 24 hours, Zcash’s price has surged another 30%, extending its 30-day run to a stunning 250% gain. The coin trades at $174.51, a level it hasn’t seen since April 2022.
This explosive rally has turned Zcash into one of the top-performing altcoins of the quarter. But even amid the celebration, some analysts argue that the move could be overheated and may soon retrace.
However, key indicators suggest the uptrend still has fuel left. In fact, ZEC might be tracking a pattern similar to gold’s rally to a new all-time high this year.
Zcash Breaks Major Resistance
The weekly chart shows that Zcash’s price breakout wasn’t random.
After months in the accumulation zone, ZEC’s price broke out of a cup-and-handle pattern. The “cup” reflected a long, rounded bottom formed as sellers gradually lost control and buyers began accumulating.
The smaller “handle” represented a brief consolidation before momentum returned. When ZEC finally broke above the handle’s resistance at $76.29, it confirmed a strong bullish reversal.
A closer look at the ZEC/USDT chart shows that the Moving Average Convergence Divergence (MACD) has formed a bullish crossover.
For context, this is the first time the MACD on that timeframe has formed a bullish crossover since October 2024.
Even though the cryptocurrency has broken above the pattern’s neckline, the rally does not appear to be over. ZEC’s price will likely move closer to $300 in the coming days.
Gold-Like Pattern Emerging
As a result of this move, ZEC has earned some comparisons to Bitcoin (BTC). However, unlike Bitcoin’s price, which recently reached a new high, ZEC’s market value remains down 98% from its peak in 2016.
At that time, Zcash’s price reached $5,941, meaning the current value would have to rise by 33 times to reclaim that spot. While that is not impossible, the technical setup appears similar to gold, which recently broke $4,000 for the first time.
While ZEC has outperformed gold lately, the daily chart shows similar structures. Hence, if sustained, Zcash could continue climbing as previously stated.
Zcash Crowd Sentiment Reverses
In the meantime, Zcash’s market capitalization has surged to $2.95 billion, its highest level since December 2021. This milestone signifies the growing confidence in privacy-focused assets.
At the same time, the Weighted Sentiment has flipped positive for the first time in months, according to Santimet. This metric, which measures the tone of social and community commentary, reveals that traders are becoming less pessimistic about ZEC’s outlook.
Historically, such sentiment reversals accompany sustained uptrends, as improving crowd perception tends to attract new demand and reinforce bullish momentum.
If this trend continues, Zcash could see more accumulation from sidelined investors, potentially pushing the coin toward a fresh leg higher in the coming weeks.
ZEC Price Prediction: Outlook Remains Bright
Looking at the daily chart, Zcash’s price has successfully broken above the upper trendline of a symmetrical triangle.
This breakout confirms that buying momentum is dominant, and the current structure favors further upside.
Additionally, the Bull Bear Power (BBP) indicator has moved into the positive region, indicating increasing buying strength.
If this momentum holds, ZEC’s next target sits around $287.57, which aligns with a key Fibonacci extension level and the next resistance zone.
Such a move would extend the coin’s impressive breakout rally and reinforce its bullish market structure.
However, if ZEC becomes overbought, a retracement may follow.
In that scenario, the cryptocurrency could slip toward the support area near $150.36, allowing for price consolidation before another potential leg up.
That said, the broader trend still looks constructive.
As long as Zcash maintains its structure above the breakout zone and buyers continue to absorb dips, the long-term outlook points higher, potentially leading ZEC’s price toward a multi-year high in the months ahead.
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