$ZEC rose 12% following significant institutional accumulation and a tightening supply landscape. Cypherpunk Technologies acquired $18 million worth of ZEC, which contributed to increased demand across major exchanges. Approximately 30% of ZEC total supply is now held in shielded pools, reducing short-term liquidity.
The price found consistent support during intraday dips, with buyers stepping in at key levels. Reduced liquidity appeared to amplify the effect of new inflows, contributing to upward price movement. ZEC currently trades near $672, within a handle pattern forming below the $700 level.
A cup-and-handle pattern has developed, with the handle forming beneath the $700 resistance level. Sellers have attempted to reject prices at $700, though buyers have so far absorbed that pressure. The MACD indicator shows strengthening momentum, with the histogram expanding.
A break above $700 could open a path toward $800, particularly if trading participation increases. Separately, BitMEX co-founder Arthur Hayes has projected a longer-term ZEC price target of $1,000 during the next major market cycle.
