Currently, Zcash is trading at $235.36, down 8% from the previous day and approximately 18% lower than its recent peak of $282. Two consecutive days of selling have pushed the price below the 50-day moving average, while resistance rejection over a longer timeframe indicates further downside risk.
1-Hour Chart Analysis
On the evening of March 17, Zcash's price approached $274 and moved towards $282 in the early hours of March 18, reaching a visible peak on the chart. The 50-day moving average has been rising from around $265, with the price comfortably staying above it.
The decline began around noon on March 18. A series of large red candles pushed the price down from $280 to $268, then to $256, and finally slid to $248 by mid-afternoon. The highest pink volume bars on the chart were concentrated during this period. The price found temporary support on the evening of March 18, ranging between $246 and $250, before attempting a slight rebound to $254, which ultimately failed. Starting from the morning of March 19, the price began to decline again, with no significant upward interference, dropping from $252 to $248, $244, $240, and reaching $235 by mid-afternoon. The current 50-day moving average is at $259.88, sloping downwards and exceeding the current price by 10.4%. This gap has been widening since the decline began, showing no signs of narrowing.
RSI Indicator Shows Continued Pressure
Both RSI signals are in the oversold territory. The fast purple line reads 28.92, below the threshold of 30; while the slower yellow line is at 34.70, still above 30 but approaching it. The purple line dropped to a visible low near 28 around noon on March 18, then briefly rebounded to 45 during overnight trading. Continuous selling on March 19 pushed it back below 30. This second dip into the oversold territory within 36 hours reflects general selling pressure rather than specific asset events, similar to the Ethereum chart discussed earlier today.
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Resistance Rejection Structure Analysis
The short-term scenario may remain weak below the resistance zone, potentially leading the price to move towards the visible upward trend support line on the longer chart. The invalidation level is a clear rebound above the rejection zone, which would return the structure to the buyer's area. This level has not been tested since the rejection.
Grayscale's View on Long-Term Outlook
Bitcoin continues to dominate the digital currency market, accounting for about 90% of the market share. Grayscale data shows that as of March 17, the privacy supply of Zcash has increased from approximately 5% of the total supply in 2020 to over 30% by early 2026. The leap from 10% to 30% occurred almost entirely between 2025 and early 2026, reflecting real adoption of privacy features rather than a gradual drift.
Grayscale's valuation framework is quite straightforward. Currently, ZEC represents...