At press time, Zcash (ZEC) was hovering near $515, as traders analyzed a bullish chart pattern alongside indications of softening spot demand. The cryptocurrency fluctuated between $497.79 and $525.21 in the latest session, reflecting active but inconsistent trading activity.
According to crypto.news price data, ZEC dropped over 5% in the past 24 hours and more than 8% in the last seven days. However, the token still holds a roughly 46% gain over the past month, keeping the focus on whether buyers can sustain the recent uptrend.
Analyst Crypto Patel identified a bullish structure for ZEC after the price reacted from a weekly fair value gap. He highlighted a market structure shift, a pullback into a discount zone, and buy-side liquidity sitting above current levels. His upside targets include $643 and $750, with invalidation set at a daily close below $294. Patel emphasized that this is a technical perspective requiring confirmation before any trade entry, meaning the setup is conditional rather than definite.
Another analyst, Ardi, offered a more cautious outlook, noting that ZEC’s recent significant moves have been driven more by perpetual futures than by spot demand. He pointed out that spot trading volume has hit new lows while aggregated perp volume has reached new highs. This dynamic could make any rally more vulnerable to sharp corrections if momentum wanes. Ardi drew a parallel to the December lower high near $540, which was followed by a decline back to roughly $185.
Previous reports from crypto.news indicated that Zcash’s rally extended but social engagement and on-chain support lagged, raising concerns about sustainability. Additionally, a prior surge of over 40% followed Multicoin Capital’s disclosure of a large position, with traders also monitoring the FCMP++ upgrade and increasing trading volumes.