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- The Zcash price poised for 15% drop to $194 support, as the asset witnessed renewed selling pressure at wedge pattern resistance.
- Morgan Stanley submitted an updated S-1 filing for a spot Zcash ETF, adding Fidelity as a custodian alongside Coinbase Custody and BNY Mellon.
- The coin price back below the daily exponential moving averages (20, 50, 100, and 200) indicating the market sentiment supports prolonged correction.
$ZEC, the native cryptocurrency of Zcash shows low volatility trading around $236 floor on Friday March 20th. Earlier today, the coin price attempted a bullish breakout from the $250 resistance but witnessed an immediate reversal which created a long-wick rejection candle in the daily chart. Despite overhead supply, Zcash recorded sustained on-chain privacy adoption, which bolstered its underlying value rather than just market hype.
Zcash Sees Surge in Shielded Pools as Privacy Adoption Accelerates
Zcash, the leading privacy-focused cryptocurrency, recorded a steady growth of $ZEC tokens held in shielded pools over the past five years. In a recent tweet, market analyst eyezenhour highlighted that more of the asset supply is moving into the network’s privacy layer rather than remaining in the transparent circulation.
