Zcash (ZEC) Rallies 7% on Golden Cross While Market Struggles

The broader crypto market is currently showing mixed price action with the majority of crypto assets largely in red. The latest Federal Reserve decision to hold the interest rate steady seems to be weighing on the market. The personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation in the economy, rose 0.7% in March, according to Thursday's report.

Amid this, privacy token Zcash stays higher, rising as much as 8% in the last 24 hours. At the time of writing, Zcash was up 7.26% in the last 24 hours to $373 and up 3.70% weekly. The recent increase corresponds with a golden cross appearance on Zcash's short-term charts.

ZEC/USD Hourly Chart, Image By: TradingView

On ZEC's 1-hour chart, the 50 MA has crossed above the 200 MA, yielding a "golden cross." Zcash saw two days of significant increases, following an earlier drop at the week's start. The privacy token rose to a high of $393 on May 1, before returning to where it presently trades.

A surge in social activity preceded the rise; social analytics platform Lunar Crush reported on April 29 that ZCASH's share of social activity versus all of crypto has more than doubled as the privacy and quantum narratives continue to dominate conversations.

Zcash is up 60% in the last 30 days according to CoinGecko data and up 899% on a yearly basis.

Zcash triggers new update

Zcash Foundation recently rolled out a security update, Zebra 4.4.0, patching four critical consensus issues and boosting network security.

The new Zebra 4.4.0 release contains fixes for multiple security vulnerabilities, including several consensus-critical issues, with all node operators urged to upgrade as quickly as possible.

Meanwhile, ZEC's shielded supply continues to make record highs as the privacy use case continues to increase. About 30% of all circulating ZEC now sits behind a shielded balance, the highest ratio in its history.