Zcash Price Regains Footing Above $375 as Founder Responds to Michael Saylor's Criticism

Source: CryptoNewsNet Original Title: Zcash Price Regains Footing Above $375 as Founder Responds to Michael Saylor’s Criticism Original Link:

Market Overview

Zcash (ZEC) has regained footing above the $375 level on December 5 following renewed market interest sparked by a public exchange between Zcash founder Eli Ben-Sasson and Bitcoin advocate Michael Saylor. The current price sits near $369, with a 24-hour volatility of 2.7% and market cap of $6.13B.

Key Developments

• Ben-Sasson defended Zcash’s privacy features while emphasizing that regulatory compliance can coexist with shielded transactions.
• Open interest climbed 6% as traders added bullish leverage positions, with the long/short ratio flipping above 1.0.
• A bullish pennant pattern suggests potential breakout toward $730 if ZEC maintains support above the $272-$305 range.

The Debate and Market Response

The dispute between Ben-Sasson and Saylor reignited market interest in Zcash. Bitcoin maximalists, led by figures like Saylor, have framed altcoins as securities vulnerable to market manipulation. In November, when Zcash briefly surged toward $700, Hunter Horsley, CEO of a major cryptocurrency platform, argued that Bitcoin maxis struggled to provide coherent criticisms of Zcash, sparking heated debate.

On December 5, Ben-Sasson shared details of his first discussion with Saylor, countering criticism of Zcash’s design and emphasizing that privacy and regulatory compliance can coexist. Reacting to Saylor’s warnings about rapid innovation, Ben-Sasson argued that a decade of research is sufficient for activation and noted his intention to raise quantum-resilience in future discussions.

Derivative Market Analysis

Data shows Zcash open interest rose 6%, slightly exceeding the 5% spot gains, indicating traders are backing spot purchases with healthy leverage in anticipation of further upside. The long/short ratio flipped above 1.0, confirming that fresh leverage positions were predominantly bullish on ZEC price.

Technical Analysis: Bullish Pennant Points Toward Potential $730 Breakout

Zcash is forming a bullish pennant on the daily chart, following a steep rally from the sub-$100 zone in September. The pattern now points to a potential retest of the $730 territory.

However, Zcash has yet to reclaim the middle Bollinger Band near $501. Holding this level prevents a return to the lower Bollinger band and keeps the ZEC bullish pennant in play. If momentum holds, ZEC could retest $500 first, followed by a breakout attempt toward $730 if leverage inflows persist.

On the downside, the bullish pennant fails only if price closes below $272, the lower Bollinger Band and macro trendline. Before reaching that level, ZEC price is likely to find significant support at the weekly timeframe low of $305.