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Zcash price falls below $240 amid profit-taking: what’s next for ZEC?

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A trader analyzes a financial price chart on a smartphone while multiple market charts display on monitors in the background.
Zcash Price Outlook
  • Zcash price was down nearly 10% in the past 24 hours.
  • The ZEC token changed hands at around $239 as bulls risk a key support level.
  • Is the dip a healthy consolidation move or the start of a deeper correction?

Zcash (ZEC) pulled back sharply on Thursday, falling nearly 10% in intraday performance as the surge to a multi‑month high near $280 risked fading.

The privacy coin traded to lows of $239, with the retreat coming amid a broader risk‑off shift in crypto markets.

Profit‑taking across the board means ZEC’s recent breakout could fuel bears’ move towards a key psychological support at $230.

Can bulls hold onto support levels, or is Zcash price poised for an even deeper correction?

Why is the Zcash price down today?

Zcash’s slide from the $280 level reflects a combination of several short‑term factors.

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Broadly, it’s the investor jitters around the global macro and geopolitical environment.

Bitcoin, for instance, is struggling to hold gains above $70k, and a similar outlook is engulfing top altcoins, including Ethereum, Solana, BNB, and XRP.

A key perspective is the profit‑taking amid heightened macro uncertainty.

ZEC outlook amid key network growth metrics

Zcash price has shown resilience amid interest in privacy coins, with a recent spike to $280 aligning with this sentiment amid Zodl’s milestone.

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Despite the pullback to $239, bulls remain positive as on-chain metrics outline notable network growth.

For instance, Zcash’s hashrate has hit a new all-time high of 16.54 GS/s.

Meanwhile, shielded supply has climbed to 5.15 million ZEC, accounting for roughly 31% of the coin’s circulating supply.

A surge in shielded supply indicates growing demand for private transactions.

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Importantly, a sizable portion of ZEC is off crypto exchanges, which signals a long-term bullish view.

The robust network security and increased interest in privacy-focused transactions offer a two-pronged approach to adoption, and could boost ZEC price.

Zcash price technical picture

From a technical standpoint, ZEC’s daily chart points to a mixed outlook with oscillators and moving averages leaning neutral-to-towards selling.

Zcash Price Chart
Zcash price chart by TradingView

The current structure suggests risk appetite could allow for a clean breakout to $300.

In this case, bulls must flip $240 into a major support base, with the 50 EMA at $262 crucial.

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Further upside movement will bring the 200 EMA ($281) into view.

Above these levels lie $300 and the 100 SMA at $339, which could be a key resistance zone as bulls eye the $500 target.

Zcash’s sharp pullback after the spike to $280, therefore, provides bulls with an opportunity to pump amid a shakeout of weak hands.

However, if short‑term selling gains momentum amid broader crypto weakness, the coin’s price could fall to $206 and then $185.

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Crypto World

Hashi Bitcoin Finance Protocol on Sui Secures BitGo, FalconX Commitments

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Hashi Bitcoin Finance Protocol on Sui Secures BitGo, FalconX Commitments

A new Bitcoin-based finance protocol called Hashi has been introduced on the Sui blockchain, with early participation commitments from crypto institutions including BitGo, Bullish and FalconX ahead of its planned launch later this year.

According to an announcement shared with Cointelegraph, Hashi is designed to let Bitcoin holders earn yield on native Bitcoin (BTC) through onchain lending and borrowing, targeting a segment that currently represents a small share of Bitcoin’s overall market.

The protocol, developed primarily by Mysten Labs, the core contributor to the Sui blockchain, will initially focus on BTC-backed lending, allowing users to borrow stablecoins against their holdings while institutions are expected to supply liquidity at launch.

A Sui Foundation spokesperson told Cointelegraph that the protocol is designed to address structural limitations that have held back Bitcoin’s use in decentralized finance, particularly reliance on intermediaries and limited transparency around collateral.

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The system introduces onchain verification and programmatic collateral management aimed at making BTC lending more suitable for institutional use. “We are replacing ‘trust me’ workarounds with onchain verification,” the spokesperson said.

Hashi will enable native BTC to be used directly in onchain financial services without relying on wrapped or synthetic assets, bringing transparency and automated collateral management to Bitcoin finance, components that institutions require to use it at scale.

Bitcoin remains largely unused in decentralized finance, with about 0.22% of its supply, or roughly $3.07 billion, currently deployed in decentralized finance (DeFi) protocols, according to the announcement and onchain data from DefiLlama.