ZEC Price Outlook: Rising Wedge Points to $450 Top

Zcash (ZEC) defied the crypto market slump with a 500% surge in October, fueled by celebrity endorsements and a classic short squeeze, and is now eyeing a further rally toward $400 for the first time since 2018.

ZEC Paints Rising Wedge With $450 Top Setup

Zcash’s daily chart shows the formation of a convincing rising wedge setup, confirmed by two ascending trendlines converging toward an apex around $450.

In November, ZEC’s prevailing upside momentum may enable another leg upward toward $450, which would be its highest level in the last seven years. But the climb carries downside risks, especially if the price breaks below the wedge’s lower trendline.

In technical analysis, such a breakdown could lead the price to level at length equal to the maximum wedge’s height, if accompanied by a rise in trading volumes.

Therefore, ZEC’s price can drop toward the $260-265 area if the wedge breaks out as intended. That further aligns with the 20-day exponential moving average (200-day EMA; green) near $276.

ZEC is also showing a clear bearish divergence between the rising price and falling relative strength index (RSI) and volumes. It indicates a growing exhaustion in the uptrend, which reinforces the wedge breakdown scenario.

The 20-day EMA has persistently capped ZEC’s downside attempts during the October rally. So, as long as it holds as support, the privacy coin has the potential to rally to new multiyear highs in 2025.

Celebrity Endorsements Can Further ZEC Boom

Renowned investor Naval Ravikant called ZEC an “insurance against Bitcoin” on Oct. 1, triggering a 60% single-day jump.

Solana’s Mert Mumtaz, CEO of Helius, followed by setting a $1,000 price target, which amplified social media chatter and attracted momentum traders.

Most recently, BitMEX co-founder Arthur Hayes joined in, calling for $10,000 per ZEC, which drove another 30% daily spike.

The effect mirrors Dogecoin’s 2021 mania, when Elon Musk’s tweets repeatedly sent DOGE soaring by an average of 33%, according to researcher Fabian Dablander.