The ZEC bull run may have just run out of steam with a double top forming on its most recent drawdown, clouding bullish Zcash price predictions.
The altcoin has formed its second local top at $300, marking the start of a potential double bottom that could send it back to pre-bull run lows.
Yet, the privacy coin narrative remains strong. Almost 2 million ZEC have been shielded over the past month, bringing the total shielded circulating supply to 30%.
This highlights strong underlying adoption beyond short-term speculative trading. Opposed to swing trading, investors are opting to shield and hold, stabilizing price movements.
Social sentiment shares a common belief: privacy represents more than a passing trend, but one of crypto’s foundational values.
Zcash has found new relevance in this institution-led market cycle: Institutional use-cases need rails that offer privacy, yet are compliant with selective disclosure.
Backing from the world’s largest digital asset manager further underscores the demand, with the launch of the Grayscale Zcash Trust giving TradFi markets regulated access to ZEC.
ZEC Price Prediction: The Bull Run Hinges On This Support
With a second stall around $300, a strong psychological resistance, Zcash appears to have formed a double top.
ZEC / USDT 4-hour chart, double bottom meets bull flag. Source: TradingView.If fully realized, this classic reversal pattern could trigger a 50% drop back to the altcoin’s October low near $120, erasing much of the bull market’s gains.
However, momentum indicators suggest strength rather than exhaustion. The RSI continues trending upward, while the MACD histogram is flattening out, both signs of building buy pressure.
A broader bull flag structure may still be in play, with the current retest of its upper boundary as support pivotal for a bull run continuation.
If confirmed, the flag breakout targets a 125% rally into new price discovery, eyeing $500. The recent pullback could simply be a shakeout of weak hands before Zcash’s next major leg higher.
Near-term catalysts, like potential U.S. interest rate cuts next week, could give the Zcash price the fuel it needs to continue the rally.
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Visit the Offical Snorter Website HereThe post Zcash Price Prediction: Double Top Signals Crash – But the Bull Run Might Not be Over Yet appeared first on Cryptonews.
