Zcash Price Soars 16% As Co-Founder Gets SEC Privacy Roundtable Invite After Michael Saylor Dispute

The Zcash price surged 16% over the last 24 hours to trade at $393.64 as of 5:12 a.m. EST on trading volume that jumped 55% to $972 million.

This comes after the US Securities and Exchange Commission (SEC) invited Zcash founder Zooko Wilcox to participate in its December 15 roundtable on cryptocurrency, financial monitoring, and privacy.

The invitation follows a heated public dispute between Strategy founder Michael Saylor and Zcash scientist Eli Ben-Sasson over whether Bitcoin should incorporate privacy features similar to Zcash’s encryption technology.

This debate comes as privacy coins surge, and after Grayscale filed an S-3 registration statement on November 26 to seek to convert its Zcash Trust into the first US spot exchange-traded fund for a privacy coin.

As such, the debate on privacy reflects concerns among industry leaders on balancing user protection with regulatory acceptance.

Zcash had been on a downtrend, dropping over 30% in the last 30 days. However, a 6% surge over the last week suggests the price of ZEC could be in a bullish trend reversal. Can the uptrend continue?

Zcash Price Poised For A Sustained Breakout

After trading below the $100 level, the ZEC price went through a parabolic rally in October to the yearly high of around $744.10.

The resistance allowed sellers to book profits of over 460% in the year-to-date rally. This move then pushed the Zcash price through a correction, with ZEC trading downwards within a well-defined falling wedge pattern.

ZEC, after touching the lower boundary of the wedge, then went through a recovery, with this pressure pushing the price of Zcash above the upper boundary of the wedge.

The Zcash token bulls are now aiming to sustain the breakout, as the 200-day Simple Moving Average (SMA) supports the price, currently at $276.

However, the 50-day SMA remains a hurdle at $498, a level that bulls need to overcome for a full recovery.

Meanwhile, the Relative Strength Index (RSI) supports the bullish trend reversal, as it rises from the 30-oversold level to the current 47 zone, suggesting buyers may be stepping in to reclaim control.

According to the ZEC/USD chart analysis on the 12-hour timeframe, the Zcash price is poised for a sustained bullish rally, supported by the positive RSI and the 200-day SMA.

If the breakout above the upper boundary of the falling wedge pattern continues, ZEC could rise 17% towards the $461.84 resistance level, as it targets the $$498 level on the 50-day SMA.

Conversely, in the event of a bearish retracement at this level, the long-term support and a cushion against downward pressure lie in the 200-day SMA at $276.