Zcash (ZEC) traded for $391 at the time of writing, reflecting a 28% decline in the past two weeks, according to TradingView’s data. The pullback followed a temporary surge, suggesting a return of bullish momentum to the privacy-focused cryptocurrency.
Despite the price pullback in June, it maintains a robust 87% increase in Q2, supported by a structural shift in the privacy-coin narrative. ZEC’s market capitalization is at $6.55 billion, according to data from CoinMarketCap.
ZEC’s major technical indicators point towards a cautious approach for traders and investors. They exhibit conflicting signals as the Relative Strength Index (RSI) suggests a neutral trend that tends to a soft sell, while the daily moving averages signal a strong sell.
ZECUSD Daily Chart on
TradingView
On the contrary, ZEC’s weekly moving average predicts a buy, with over 92% of the moving averages leaning bullish. Meanwhile, the daily MACD projects a mild sell signal.
ZECUSD Weekly Chart on
TradingView
Notably, ZEC’s price correction coincides with the recent market-wide pullback, triggered partly by geopolitical tensions. It introduced the dynamics that established key support and resistance levels for the altcoin’s price structure. For instance, ZEC’s immediate resistance stands between $411 and $425.
The 7-day Simple Moving Average acts as the immediate ceiling for ZEC. Breaking above $425 invalidates the short-term descending structure and re-opens momentum toward $500. Meanwhile, the zone between $375 and $378 represents ZEC’s key support. This region aligns with the critical 200-day SMA. ZEC needs to hold this floor to prevent an accelerated correction.
Focusing on price targets, ZEC analysts foresee the cryptocurrency plunging to the $180-$350 region if regulatory pressures trigger delistings or if Grayscale’s spot ZEC ETF application faces severe delays. However, a steady expansion of shielded transactions and normal macro correlation with a potential bullish reversal of the broader crypto market could leave the altcoin trading between $500 and $700.
In the meantime, a notable surge to between $850 and $1,200 remains in sight, and could happen if an ETF launch is confirmed.
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