ZCash Price Prediction: ZEC Jumps 15% As Arthur Hayes Calls It Unstoppable Despite Double-Top Risk

The Zcash price jumped 15% over the last 24 hours to trade at $359.54 as of 4:58 a.m. EST on trading volume that surged 42% to $910 million.

This comes as Arthur Hayes continues to express optimism about the ZCash token, predicting its value could explode to $10,000.

This marks the second time in four days that Hayes has made such a statement, reinforcing his belief in the cryptocurrency’s potential growth.

Still, influential crypto analyst Ali Martinez, with 160k followers on X, responded to the post by warning of an upcoming correction, and Hayes’s chart shows a clear double-top pattern.

Can the price of ZEC sustain its bullish trend to hit $10k, or is Martinez right to warn that it may be headed south?

ZCash Price Poised For A Continued Bullish Rally

After a prolonged consolidation at the $44 level for most of the year, the ZEC price finally broke out towards the end of October.

The breakout allowed the ZCash price to soar to an annual high of around $374, surging through a parabolic curve. The $374 level now serves as the next key resistance, with ZEC trading at $230.21 and $296 as key support levels.

As a result of the prolonged uptrend, ZEC has now crossed well above both the 50-day and 200-day Simple Moving Averages (SMAs), now at $248.13 and $99.23, respectively.

Meanwhile, the Relative Strength Index (RSI) is recovering above the 50-midline level, currently at 68 and heading towards the 70 overbought zone, cementing the overall sentiment that the bulls have control of the market.

The Moving Average Convergence Divergence (MACD) has also turned positive, with the blue MACD line crossing above the orange signal line, cementing the overall bullish trend that may likely continue.

ZEC Price Prediction

According to the ZEC/USD Chart Analysis, the ZCash price is in a bullish trend and poised to continue, as the $230.21 and $296 levels offer sufficient support.

Moreover, ZCash is still trading well above its SMAs, the RSI is rising, and the MACD is turning positive, which confirms that ZEC may still rise.

If this momentum continues, the next possible resistance stands at $400, having crossed above the current resistance at $374.

Conversely, the RSI may turn oversold if it crosses above the 70 oversold level. In this scenario, the price of ZCash could drop back to the support around $210.