200% jump in one month; ZEC's new target of $1,500!

Privacy cryptocurrency ZCash (ZEC) continued its stunning rise today, gaining 14%, bringing its monthly return to over 200%. ZCash has grown over 1,130% in the past three months and has been one of the most successful players in the crypto market.

Technical patterns show that ZCash is still trading within a “flag and bar” pattern, which usually precedes major price jumps. The break above $438 confirmed the trend, with the next Fibonacci targets at $594, $847, and $1,256, respectively.

If the uptrend continues, the long-term target is estimated at $1,567, which is about 250% growth from the current level of $437. With the Relative Strength Index (RSI) still above 70 and the Chaikin Money Flow (CMF) remaining positive, the market is showing signs of large-scale investor entry. However, the leveraged buy-to-sell ratio is around 30 times, and a slight drop in price could lead to widespread liquidation of positions.

Ultimately, holding the $312-$342 support is crucial for this rally to continue, while a loss of the $245 level could weaken the bullish structure.