ZEC Surges 20%, Reaches $514, Market Cap Hits $8.46 Billion

Zcash (ZEC) has surged past the $500 mark, currently trading at approximately $514, marking a 20% increase in the last 24 hours. This is the first time ZEC has reached this level since January 2018.

Over the past month, ZEC increased by over 250%, adding around $5.7 billion to its market cap, which now totals $8.46 billion.
An anonymous trader recently purchased 32,000 ZEC, creating an unrealized profit of about $2.7 million.
The network's hashrate hit a record high of 12.53 GS/s, indicating increased adoption which could further elevate ZEC's price.

The technical analysis shows ZEC near the upper Bollinger Band, suggesting bullish momentum but also potential overheating. Immediate support levels are identified at $450 and $390-$400.

ZEC price chart with RSI and Bollinger Bands

The RSI above 70 signals overbought conditions, but if demand continues, resistance may be encountered between $550 and $580, with potential for a breakout to $620 or higher.
CoinCodex has updated its year-end target for ZEC to $800 after surpassing the initial $500 target.
Analysts suggest that recent surges might lead to profit-taking before any further upward movement, advising investors to secure profits.