- On April 17, the Zcash price dropped by around 4.39% on a daily chart, forcing its value to drop below $330 following growing selling pressure due to profit booking.
- The drop comes amid the bullish sentiment in the overall crypto market, where Bitcoin (BTC) soared above $77,000 amid reduced geopolitical tension.
- Technical indicators are showing a bearish trend in the cryptocurrency, supported by the altcoin season index.
Despite the bullish sentiment in the overall crypto market, the leading privacy coin, Zcash (ZEC), suffered a drop of around 4.23% on a daily chart, declining its value by $330.
At present, Zcash is trading at around $328.69 with a market capitalization of $5.46 billion, according to CoinMarketCap. The daily trading volume is revolving around $468.36 million.
While the ZEC price witnessed back-to-back drops in the last few days, it still has a monthly gain of around 33%.
Zcash Faces Correction Despite Bullish Sentiment in Crypto Market
The decline comes even while the crypto market is showing mixed signals with selective profit-taking across alternative coins. Bitcoin traded with limited movement around recent levels after earlier gains, and this created a risky environment for privacy-focused tokens like Zcash.
According to experts, investors are going for short-term profit booking following a strong rally in ZEC earlier in 2026. This is one of the major reasons behind the current drop. During the last few trading sessions, many traders have purchased ZEC ZEC-5.25% at low prices. Now, they are selling their tokens.
The current drop comes after facing a rejection at $350, which played a role as a major resistance level. ZEC has followed a consolidation pattern between $320 and $350 for many weeks after an earlier surge. The recent sessions are showing the price break above an important support level around $340, and this breakdown triggered additional sell orders from traders watching the chart closely.
Zcash is now showing early signs of potential further weakness if the price fails to reclaim the broken level on strong buying volume. According to the current price chart, there is a strong support level at around $320, and if the cryptocurrency falls below this level, it could open the door for deep corrections.
According to TradingView, the cryptocurrency is showing bearish pressure in the short-term chart. The Relative Strength Index is sitting at around 36 on the 14-day timeframe. This means that momentum has weakened, but the asset is not yet in deeply oversold territory and leaves some room for additional downside before a possible rebound.
The price now trades both the 5-day moving average below, around $335, and the 20-day moving average around $340. This data shows that sellers currently hold the upper hand in the near term.
Exchange balances for Zcash have seen some increases in recent days. This suggests that holders are moving tokens to sell rather than hold for the long term. Shielded transaction volumes on the network remain steady, which shows that core usage for private payments has now slowed, but the visible selling on open markets has contributed to the price pressure.
However, Zcash is continuously expanding its ecosystem through various developments. The Zcash Open Development Lab, also known as ZODL, raised $25 million in fresh funding to speed up protocol upgrades and improve the user-friendly ZODL wallet.
Foundry Digital launched a dedicated Zcash mining pool in April 2026 and quickly captured around 30% of the total network hashrate through partnerships with large-scale miners.
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