Samson Mow tells Zcash holders to cash out and buy Bitcoin

Samson Mow tells Zcash holders to cash out and buy Bitcoin

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Samson Mow has urged Zcash holders to cash in on the privacy coin’s parabolic rally and convert it into Bitcoin, comparing it to volatile meme coin Dogecoin.

Mow, the CEO of Bitcoin technology company JAN3, posted a screenshot of the Dogecoin (DOGE) chart on X and told his 357,000 followers to find out where they are now on the map.

“For anyone excited about Zcash, this is DOGE,” the Bitcoin bull said. “If you’re smart, you’ll buy Bitcoin with your profits.”

ZEC’s parabolic rally continues

The ZEC price has exploded 1,120% since September 28, after rising another 21% in the past 24 hours, according to CoinMarketCap.

ZEC Prize (Source: CoinMarketCap)

The privacy token’s rally, driven in part by renewed interest in privacy technology and tools like the Zashi wallet, has pushed ZEC to its highest level since 2018.

With a market capitalization that has risen to over $10 billion, ZEC is currently ranked and positioned as the 13th largest cryptocurrency above Bitcoin fork Bitcoin Cash (BCH), and below the leading oracle project Chainlink (LINK).

Some say Zcash, a 2016 fork created by computer security expert Zooko Wilcox, has skyrocketed thanks to real advances in infrastructure and a growing focus on privacy.

But others in the community have said the rally could be artificial, warning investors they could end up being “exit liquidity.”

Zcash Price is trying to break out of the channel under extended circumstances

Regardless of whether Zcash’s rally is an artificial pump or the result of actual ecosystem developments, the altcoin has kept traders glued to their screens.

ZEC chart image

Daily chart for ZEC/USD (Source: GeckoTerminal)

Looking at the crypto’s daily chart, ZEC is currently trying to break out above the rising price channel it has been trading in for the past few weeks. This could be a fakeout or the precursor to a parabolic move, especially since the upper boundary of the channel also converges with the $598.35 resistance level.

Closing today’s session above that barrier could extend the altcoin’s rally. Conversely, a rejection could result in a pullback to the nearest support at $450.79. If you fall under this technical safety net, there is a risk that ZEC will fall to a low of $317.99 in the near term.

From the perspective of technical indicators, ZEC is showing signs of overextension. More specifically, traders will want to keep an eye on the Relative Strength Index (RSI), which is approaching extreme overbought territory at 90. This suggests that ZEC’s downside potential is greater than its potential to continue its rally.

However, it is not unusual for the RSI to remain high for an extended period of time when a crypto recovers. Additionally, the 9 and 20 Exponential Moving Averages (EMAs) and the Moving Average Convergence Divergence (MACD) show that momentum is still strongly in favor of bulls.

Many analysts believe that Zcash’s rally will continue even amid the over-extension of the RSI. Among them is Arthur Hayes, co-founder of BitMEX, who predicted ZEC will rise to $10,000.

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