Zcash Tests $500 Support After Sharp Rally

Overview

• Zcash is trading in the low $500s after a rapid climb that peaked near $640.
• Traders say $500 is the level to watch, with a hold pointing to a return to $600–$640 and a break risking a slide toward the mid $400s or even $370.
• Derivatives activity is elevated, with about $5.1 million in futures liquidations over 24 hours and open interest near $978 million, which is magnifying price swings.
• The broader trend still leans bullish, with price well above the 50- and 200-day averages and a still-high reading on a common momentum gauge.
• Supporters cite rising use of Zcash’s private “shielded” addresses—about 30% of supply, which reduces tradable coins—along with fresh attention from the Wall Street Journal and comments from Grayscale.