Zcash is up 12% over the past 24 hours, stretching its weekly gain to nearly 25%.
The rise follows an increasing social volume in ZEC treasury Cypherpunk Technologies.
ZEC could rally to $620 if it breaks above the $472-$485 range.
Zcash is leading the crypto market recovery in the early Asian session on Friday, following a 12% jump over the past 24 hours. The move has extended its weekly gain to nearly 25%.
The privacy token's quick recovery aligns with a rise in the social volume of ZEC treasury firm Cypherpunk Technologies (CYPH). According to data from social analytics platform LunarCrush, the company's engagement reached 47.1K, 261% above its daily average.
Cypherpunk Technologies also recently welcomed Zcash cofounder Zooko Wilcox as a strategic advisor. The company raised $58.8 million via a private placement in November and deployed $50 million to acquire 203,775 ZEC.
CYPH closed with a 9.7% gain on Thursday, according to Google Finance data.
The gains in ZEC and related entities mark a notable recovery from a quick dip in the crypto market after the US Federal Reserve (Fed) delivered a hawkish rate cut on Wednesday. Top cryptocurrencies, including Bitcoin, Ethereum and XRP, are also showing signs of a comeback over the past few hours.
Zcash Price Forecast: ZEC could rally to $620 if it breaks above $485
Zcash saw $8.8 million in liquidations over the past 24 hours, spearheaded by nearly $7 million in short liquidations, per Coinglass data.
ZEC found support at the lower boundary of an ascending triangle but faces resistance near the $472-$485 range. A firm close above the range could push ZEC toward $620, a level obtained by measuring the height of the ascending triangle and projecting it upward from a potential breakout point.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) have retreated from overbought levels, reading 62 and 72, respectively, at the time of publication.
