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Zcash rose about 65% last week, but crypto analyst Crypto with Haris, who has 650,000 followers, warned ZEC is not Bitcoin and may have a fair value below $500.
Crypto with Haris said the view may be unpopular, but ZEC’s real value could be under $500. The analyst pointed to a vulnerability discovered a few months ago that may have allowed counterfeit ZEC to be created. After an emergency upgrade, ZEC fell from $624 to $309 in 48 hours, the analyst said.
The analyst added ZEC is now overheated, with its relative strength index above 85, its price well above the daily moving average, and a breakout above the upper Bollinger Band. Crypto with Haris also said a significant share of recent trading volume came from futures rather than spot trading, and cautioned against influencer claims that ZEC could rise to $2,000 or become a second Bitcoin.