Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Grayscale’s Zcash Trust Sees Volume Surge as Shielded Supply Reaches Record Levels: Is $400 the Upcoming Goal?
Grayscale’s Zcash Trust (ZCSH) has recently seen its trading volume double, surpassing $2 million in daily transactions as Zcash’s shielded supply achieved a record high.
The simultaneous emergence of two distinct signals—one from institutional investors and the other from on-chain activity—should not be overlooked.
The shielded supply now accounts for roughly 30% of ZEC’s circulating supply, marking its highest proportion to date. The key question remains whether this indicates a fundamental change in how investors and users interact with Zcash, or if it is merely a temporary surge with limited potential in May.
Source: TheBlock
Discover: The best crypto to diversify your portfolio with
Can Zcash Price Overcome Resistance at $400 or Will It Hit $220 First?
ZEC is currently positioned at $335 on the daily chart, with the most significant observation being the substantial recovery from February’s lows around $185, as ZEC’s price nearly doubled before encountering resistance at the $400 level and subsequently retracing.
Related Posts
The $400 threshold, indicated by the red dotted line, serves as a crucial barrier; it strongly rejected the price in April and delineates the boundary between the ongoing recovery and a true trend reversal attempt.
Source: Tradingview
The price is presently in a consolidation phase between approximately $300 and $380, experiencing fluctuations after the initial recovery momentum subsided. The current structure indicates a need to either establish another base here or risk a decline back toward the $240 to $260 support range below.
On the upside, reclaiming the $400 level would pave the way toward $457 initially, followed by $527 and $600 as higher targets indicated on the chart, all of which were previous support and resistance levels from the November to December period.
The daily chart illustrates a coin that has formed a significant bottom and has recovered effectively, yet it now faces a critical juncture where the easy gains from the lows have been realized, and the next phase necessitates breaking through substantial resistance rather than merely bouncing off a support level.
The $400 mark is the key level to monitor. Until it is surpassed, this remains a recovery trade rather than a breakout.
Discover: The best pre-launch token sales
The post Grayscale’s Zcash Trust Just Doubled Its Volume as Shielded Supply Hit an All-Time High: Is $400 the Next Target? appeared first on Cryptonews.
