Zcash Surges 30% Amid Trump Tariffs and Roger Ver Settlement
Zcash (ZEC) experienced a substantial price increase, reaching a four-year high of $284 on October 11, with a 30% surge. This occurred despite the broader crypto market losing over $19 billion in derivatives positions within 24 hours.
Key Factors Influencing Zcash Surge
- The rise coincided with geopolitical tensions following new U.S. tariffs on Chinese imports, which increased interest in privacy-oriented assets like Zcash.
- A massive short squeeze occurred as prices surpassed the $250 resistance, leading to significant short position liquidations.
- Data from Coinglass indicated $5.75 million in ZEC liquidations, with $4.01 million being short positions.
- The Long/Short ratio improved to 1.05, suggesting new long entries are outpacing shorts.
Broader Context and Market Dynamics
- Roger Ver's settlement with the U.S. Department of Justice highlighted ongoing discussions around privacy and anonymity in crypto.
- Zcash's features make it an attractive hedge against political uncertainty and market volatility.
Zcash Price Forecast
- At press time, ZEC trades at $265, down from its peak but still up significantly on the day.
- Technical indicators show potential for further upside if conditions remain favorable.
- Key levels include support at $250; a breach could see targets of $320, while falling below $235 may lead to $190 support.
