The cryptocurrency market has been consolidating over the past few hours, with major coins and tokens experiencing slight pumps during that period. Bitcoin is trading just above $77,100, while Ethereum continues to struggle to hit the $2,200 barrier. However, ZEC, the native coin of the Zcash blockchain, is up by 3%, making it the best performer among the top 20 cryptocurrencies by market cap. Thanks to this rally, ZEC is now trading at $588 and could surge towards its recent wing high. The momentum indicators suggest that the bulls are still in control, with further upward movement expected in the near term. Zcash Foundation reports $36.7M in assets The primary catalyst behind ZEC’s positive performance is the quarterly report published by the Zcash Foundation. The foundation reported approximately $36.7 million in net liquid assets as of March 31, according to its latest Q1 update released Tuesday. According to the foundation, its monthly operating expenses were around $272,539, with personnel costs making up the largest portion. Executive Director Alex Bornstein said the quarter reflected significant progress across multiple fronts, including regulatory clarity, infrastructure development, and governance work. “In just three months, we navigated ecosystem-wide transitions, achieved major regulatory clarity, shipped critical infrastructure, advanced protocol governance, and laid the technical groundwork for Network Upgrade 7,” he wrote in the executive summary. On the technical side, the Foundation reported continued upgrades to its core infrastructure. Several releases of the Zebra node software were deployed, including version 4.0.0, which improved observability, and version 4.3.0, which fixed security vulnerabilities and introduced initial ZIP-235 updates. Work also progressed on the Z3 stack, FROST v3 multi-party signing technology, and preparations for Network Upgrade 7 (NU7). In addition, the Foundation deployed new Rust-based DNS seeders across the US and Europe following the shutdown of ECC-operated seed infrastructure. Looking ahead, the Foundation outlined priorities for Q2, including continued work on NU7, further development of the Z3 stack, and ongoing Zebra benchmarking efforts. It also announced the appointment of Scott Onder to its board, bringing additional experience in fintech and impact investing. Zcash technical outlook: ZEC bulls target the $641 swing high The ZEC/USD 4-hour chart remains bullish and efficient as ZEC continues to outperform the broader cryptocurrency market. The bullish performance is heavily supported by the momentum indicators. The RSI of 65 means that ZEC is bullish but has room for growth as it is not within the overbought region. The MACD lines crossed into the positive territory earlier this month, adding further confluence to the bullish narrative. If the rally continues, ZEC could surge towards the recent swing high of $641. A candle close above this resistance level would allow ZEC to extend its rally towards the November 9 high of $745. However, if the market undergoes a correction, the bears would meet instant support at the Tuesday low of $550. Failure to defend this support level could see ZEC extend its correction towards the weekend low of $481. The post Will Zcash price hit $641 as ZEC outperforms Bitcoin and Ethereum? appeared first on Invezz
