Zcash Surges as Privacy Tech Demand Outpaces Regulatory Glare

Shielded transactions hit record highs—turns out Wall Street isn’t the only sector that loves opacity.

Privacy coins defy the ’know-your-customer’ crusade as ZEC’s rally proves anonymity still has a price tag.

Meanwhile, traditional finance execs clutch pearls over untraceable money... right after approving another offshore shell company.

The shielded value represents the amount of ZEC held in the sprout and sapling pools, which are linked to shielded addresses. These addresses use zero-knowledge proofs to encrypt transaction data, including the sender, recipient, and amount.

These funds differ from those in transparent pools, where transaction details are publicly visible. The transparent pools currently hold 12,977,815 ZEC.

The separation between shielded and transparent pools underscores Zcash’s reputation as a privacy coin.

ZEC price has also jumped as demand for privacy coins has increased following the end of Tornado Cash’s legal issues. Monero (XMR), the biggest privacy coin in crypto, has jumped for eight consecutive weeks and is nearing its all-time high. 

Zcash price technical analysis

The daily chart shows that ZEC bottomed NEAR $28, a level it failed to break below on at least three occasions since February. From there, the token broke above the key resistance at $42.45, the high from March 2 and April 1.

ZEC is now approaching the 38.2% Fibonacci retracement level. A crossover between the 50-day and 100-day Exponential Moving Averages has formed, which is typically a bullish signal.

The Relative Strength Index has climbed to 74, indicating overbought conditions. ZEC has also entered the third phase of the Elliott Wave cycle, which is often the longest and most impulsive.

Given this setup, ZEC is likely to continue climbing, with bulls eyeing last year’s high of $79.80, an upside of 47% from current levels.