Arthur Hayes’ $10,000 ZEC Call Sparks Crypto-Wide FOMO, But Can Zcash Price Hold the Hype?

The Zcash (ZEC) price has surged by more than 750% in the past three months, with token holders gaining over 20% in the last 24 hours.

The dormant privacy coin from crypto’s early years started stealing the spotlight in October, after nearly nine years of relative dormancy following its launch in 2016.

Arthur Hayes Reawakens a Zcash Price Rally

CoinGecko data shows ZEC is up by 20.8% to trade for $332.52 as of this writing. It follows a recent post from Arthur Hayes, after the BitMEX co-founder and former CEO called a $10,000 price target for ZEC, the powering token for the Zcash ecosystem.

The post from Hayes, known for his contrarian macro views and market-moving comments, reinvigorated interest in the altcoin after the Black Friday crash failed to stop ZEC.

“…after a long period of silence, it [ZEC] was suddenly endorsed by a legendary Silicon Valley investor, driving everyone to follow the trend and join in, subsequently triggering a full month’s FOMO market frenzy,” said analyst AB Kuai Dong.

Zcash has seen periodic spikes over the years but has largely faded into obscurity amid tighter regulation and waning developer activity.

Over the past few weeks, it has been back on traders’ radars, and not just for nostalgia. Against this backdrop, the analyst likened the ZEC price rally to the early Bitcoin and Ethereum mania, with several structural catalysts now aligning.

“ZEC absolutely blew my mind. Price pumped +755% in 3 months, testing the $305 “ATH” resistance. Greyscale launched a Zcash trust this month, a Hyperliquid listing, an upcoming halving, and the “BTC vs. Zcash” discussion triggered explosive momentum,” said crypto analyst Lennaert Snyder.

In the same tone, technical analyst Clifton FX highlighted an ascending triangle pattern for the ZEC price on the 8-hour chart, suggesting potential for another 100–150% upside on breakout.

Still, not everyone is convinced. Ignas DeFi, a popular DeFi analyst, called Zcash the perfect case study for how narratives emerge and go viral. The analyst warned that many may become exit liquidity for coordinated pumps.

Further, Ignas DeFi described a reflexive loop in which traders see ZEC content on X (Twitter) and buy in to avoid missing out. The FOMO amplifies the hype as community members engage with more ZEC posts, feeding the cycle further.

Mert Helius, CEO of Helius Labs, expressed skepticism, referencing ZEC’s valuation relative to larger-cap altcoins.

Zcash Price Outlook: Why ZEC Holders Should Watch $281.35

With the ZEC price trading for $333.77 as of this writing, interest draws to the $281.35 support level, the supply zone’s mean threshold (midline) between $270.95 and $292.22.

In hindsight, every time the price tested this order block, it met intense sell-pressure that halted the upside, at least before the recent breakout.

From a technical standpoint, the ZEC price is trading within an ascending parallel channel. For as long as an asset’s price remains within the confines of this technical formation, it is primed for more gains.

With the RSI (Relative Strength Index) still climbing, momentum continues to rise and, with it, the Zcash price could see further upside, potentially reaching $360. Such a move would constitute a 6% climb above current levels.

Conversely, if the upper boundary of the ascending channel holds as a resistance level, the ZEC price could drop. A slip below the channel’s midline at $298.35 would exacerbate the correction, with the support due to the 9-day SMA (Simple Moving Average) likely to break as a support level.

However, only a decisive candlestick close below the mean threshold of $281.35 would confirm the correction, with selling pressure likely to extend. Slipping below this level would toss the ZEC price into bearish hands ready to sell.

Selling pressure could cause the Zcash price to spiral to $240, effectively breaking out of the bullish technical formation.

In a dire case, the ZEC price could drop below the $200 psychological level, with prospects for more losses.

The RSI’s position at 79 also raises concerns, suggesting that the ZEC token is already massively overbought and may soon suffer a correction due to buyer exhaustion.