Crypto
Home›Crypto›Altcoins›Zcash rebounds after June plunge, traders eye $1,000 Z…
Zcash rebounds after June plunge, traders eye $1,000 ZEC target
ZEC traded near $511 on Aug. 18, after a June 5 drop of more than 50% tied to a critical Orchard shielded pool vulnerability disclosure.
Zcash is rebounding from its June selloff, with ZEC-USD trading near $511 on Aug. 18, up about 5% on the day and holding above major moving averages, according to Yahoo Finance.
Traders have focused renewed attention on a $1,000 ZEC price target associated with BitMEX co-founder Arthur Hayes, whose earlier bullish call resurfaced after the token sold off. Hayes, however, exited his entire ZEC position on June 5 following the crash.
The June decline was triggered after developers disclosed a critical vulnerability in Zcash's Orchard shielded pool, which Shielded Labs said could theoretically allow an attacker to create unlimited counterfeit ZEC without detection. An emergency fix was deployed on June 1, and coordinated remediation was completed by June 2.
Yahoo Finance said buyers have repeatedly defended the $490 to $500 area since late July. It also noted ZEC appears to be forming a cup-and-handle pattern, with the token trading just below neckline resistance in the $750 to $775 range, and that a decisive breakout could reopen a path toward the $1,000 level.