Zcash Price Approaches Key Support Zone Amid Losses
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 3h ago- Price Fluctuation: Zcash is currently trading at $289, down 1.7% in the past 24 hours, with a weekly price range of $282 to $401, indicating a clear downward trend, having lost 21% in the last seven days and 43% over the past month, reflecting weakened market sentiment.
- Volume Decline: Zcash recorded $423 million in trading volume over the past 24 hours, a 15% decrease, while futures volume dropped 20% to $1.14 billion, although open interest slightly increased to $451 million, suggesting some traders are opting to hold positions rather than add new exposure.
- Governance Issues Impact: The entire core development team at Zcash resigned in January, including CEO Josh Swihart, due to disputes with the Bootstrap non-profit board over governance design and funding access, leading to increased uncertainty about future development and impacting investor confidence.
- Market Response and Outlook: Despite Zcash launching new advertising campaigns to raise brand awareness, the likelihood of price stabilization remains low unless overall market conditions improve; if it breaks below the $280 support level, it may face larger losses.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
