ZEC just made a surge, rising 3.7% within an hour, with the price touching around 262 dollars. Many people want to sell when they see the spike, but I think it’s worth holding on a bit longer.
Let's start with some hardcore news. Zcash's development lab just secured over 20 million dollars in seed funding from Paradigm and a16z crypto. The weight of these two institutions in the crypto space doesn’t need much explanation, right? Being noticed by both indicates that the technology behind ZEC is sound. With the funding in place, the subsequent development of the Zodi wallet and privacy tools will only accelerate.
Now, let's look at the on-chain data. ZEC's privacy pool currently holds 5.17 billion dollars in assets, accounting for over 31% of the circulating supply. This number has been increasing, indicating that there are indeed people using it, not just pure speculation. In the privacy sector, Zcash is considered a well-established leader, and the user base is gradually accumulating.
The technical indicators also support continuing the upward trend. From the 1-hour chart, the price is above the MA7, MA25, and MA99, with moving averages arranged in a bullish pattern. Both the DIF and DEA of the MACD are above the zero line, and the red bars are still expanding. The trading volume has significantly increased, with over 15 million USDT traded in the past hour, and the buying pressure is solid.
Derivative data is slightly bearish, and there is some net inflow of funds into the exchange, which may bring selling pressure. However, looking at the overall trend, ZEC has been in a pattern of oscillating upwards, with each pullback not being deep, and then slowly grinding higher.
So my view is very simple: for those already on board, don’t rush to sell; let the profits run a bit longer. For those wanting to get on, waiting for a small pullback would also be fine. This wave isn't finished yet.$ZEC
