- The Zcash price looks like it could make some gains and it is looking to reach towards $840.
- The $840 resistance zone might determine the direction of the Zcash price in the coming days.
- The Grayscale Zcash ETF filing brings another market catalyst, but SEC approval is still pending.
Zcash extended a sharp price rally that carried the cryptocurrency from the $500 area to nearly $840 before pullback brought it towards the height -$700. The move followed a break above previous resistance near $520 and coincided with a broader altcoin advance.
ZEC was recently reported at $789.36 after gaining 31.21% over 24 hours, while another update placed the token at $827.02 after a 47.1% daily increase. High volume characterized the move higher, but the pullback from $840 has made profit-taking evident.
The reported price figures vary across the updates, with ZEC cited at $789.36, $783, $784 and $792 during the pullback.
Zcash Rally Tests Key Technical Levels
The 4-hour chart shows ZEC trading well above its previous resistance zones. After moving through the $520 area, the token advanced toward $840 and later declined by more than 5% in one update and 6.13% in another. Price was reported around $792 and $784 in the respective assessments.
Technical indicators also point to stretched conditions. ZEC was trading above the Bollinger middle band at $606 and near the upper band at $787.
The RSI came in at 81.72, which is quite high for the technical indicator. Immediate support was identified around $786, with additional levels at $710, $662, $638 and $605.
Source: Trading View
Resistance is concentrated around $820 to $840. A sustained move above $840 could expose the $900 area, while another assessment placed the potential upside range at $900-$920.
A decline below $786 could increase correction risk, while losing the $605 Bollinger midpoint would weaken the bullish structure described in the technical analysis.
Zcash ETF Filing Details
Grayscale has submitted a fifth SEC amendment for its proposed Zcash ETF. The filing renames the trust “The Zcash ETF” and sets a 2.5% annual sponsor fee. It also proposes moving the trust from the OTCQX market to NYSE Arca while retaining the existing ZCSH ticker.
Source: CoinMarketCap
The proposed structure would allow the trust to issue shares continuously and introduce a redemption program intended to keep the share price closer to the value of its ZEC holdings. The filing also disclosed discussions with DCG regarding a potential contribution of approximately 200,000 ZEC through an authorized participant in exchange for trust shares.
The proposed DCG contribution remains non-binding. The filing states that DCG could contribute more tokens, fewer tokens or none. The approximately 200,000 ZEC discussed would represent a substantial amount relative to the trust’s reported holdings of about 388,674 ZEC at the end of June.
Market Momentum Extends Across Altcoins
ZEC’s advance occurred alongside gains across several altcoins. CoinGecko data cited a 47.1% 24-hour increase for ZEC to $827.02, while BCH gained 31.4% to $299.49. CFX rose 20.4% to $0.1223, ADA advanced 19% to $0.2563, and DOGE and WBT each increased 17.7%. XLM gained 16.2%, LINK rose 13.3%, and HYPE advanced 11.9% to $81.50.
Source: Wu Blockchain
Earlier trading also showed ZEC reaching $682.36 before slipping as volume increased.
The token moved through $560 and then above $600. The $680 area was identified as an immediate test because ZEC had previously retreated from that zone during attempts to advance in May.
A move above it could put $700 in view, while $600 was identified as the first major level for buyers to defend if momentum slows.
Zcash Network Performance Update
Separate developments have focused on Zcash network performance. Zakura reported that it made a hashing process used by Zcash wallets and nodes more than 15 times faster than its starting implementation.
The reported effect of the Ironwood upgrade includes faster wallet synchronization and improved performance when processing private transactions.
The technical improvements were reported alongside the market and ETF developments, adding another factor to the current ZEC coverage without changing the token’s immediate price levels.
FAQs
What is Zcash’s immediate resistance?
Resistance is around 820-840, with $840 marking the recent high area.
What are the key ZEC support levels?
Support has been identified at $786, $710, $662, $638 and $605.
What did Grayscale change in its Zcash ETF filing?
The fifth amendment renames the trust, sets a 2.5% sponsor fee and proposes moving it to NYSE Arca.
