Zcash (ZEC) experienced a dramatic 201% price increase, climbing from $54 on September 28 to a peak of $163 by October 2, its highest point since April 2022. This surge was driven by Grayscale's announcement of a new Zcash Trust, which bolstered investor confidence in the privacy-focused cryptocurrency.
Despite the impressive rally, Zcash encountered resistance at the $163 mark, causing a pullback to $143. The daily Relative Strength Index (RSI) reached an overbought level of 92, indicating potential for further price corrections. Nevertheless, Zcash remains up 176% for the week, reflecting strong market interest.
Zcash Soars 201% Amid Grayscale Trust Launch, Faces Resistance at $163
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