Can Zcash price rally to $400 as shielded supply hits record levels?

Zcash price shot up 25% on Wednesday, extending its monthly gains to over 60% as it continues to draw investor interest.

According to data from crypto.news, Zcash (ZEC) price rose to a three-month high of $330 on Wednesday, marking gains of around 62% over the past month.

Zcash price rallied as its shielded pools continue to draw more capital from investors. Data from the Zcash dashboard show that the total amount of ZEC tokens held in shielded pools hit an all-time high of $5.18 billion on April 8. At this point, the figure translates to 31.14% of the total circulating supply.

More ZEC tokens being moved into shielded pools means a larger base of ZEC holders is using the protocol’s core privacy features. This suggests investors are increasingly eyeing Zcash as a privacy sanctuary, especially as jurisdictions around the world tighten their regulatory grip on digital asset surveillance.

The privacy token has also benefited from the broader crypto market recovery fueled by reports of a ceasefire between the U.S. and Iran.

Investors flocked back to the market as Zcash became a standout recovery play, having been one of the primary underperformers leading into April 2026.

On the daily chart, Zcash price has broken out from the upper trendline of a descending triangle pattern that has formed since December 2025. A breakout from such a bearish pattern suggests that bulls have managed to finally reclaim control over the market and are likely steering it into a new bullish phase.

The Supertrend indicator has turned green, a sign that the prevailing trend has shifted in favor of the buyers. Also, the MACD lines have moved past the zero line and are trending upwards, which means buying momentum significantly outweighs the selling pressure. This often occurs as a cooling period before a token’s next leg higher.

At the time of writing, Zcash price was testing the 38.2% Fibonacci retracement level at $332. Above this, the 50% retracement level at $375 lies as the next key resistance level. A breakout from these levels back-to-back could fling ZEC price above the $400 psychological resistance level.

On the contrary, if Zcash price falls below the $278 support level, it could slip back towards the $190 region where it has consolidated in past sessions.