On February 3, Zcashâs price, after several weeks of correction, has reached a key technical support zone around $290. At the time of writing, ZEC is at $289, down approximately 1.7% in the past 24 hours. Amid a slight recovery in the digital asset market, Zcash remains in a relatively weak position, becoming one of the few mainstream privacy tokens still in a downtrend channel.
From a technical perspective, ZEC has experienced sharp fluctuations between $282 and $401 over the past week, with a clear bearish bias. The 7-day decline is about 21%, and the 30-day retracement has approached 43%, nearly erasing all gains made by the end of 2025. Trading activity has also decreased, with 24-hour trading volume shrinking to approximately $423 million. The derivatives market has cooled down as well, but open interest has slightly increased, indicating some funds are choosing to wait rather than fully exit.
Fundamentally, market sentiment remains affected by uncertainty. Earlier this year, the core team of Electric Coin Company, Zcashâs developer, collectively resigned, including CEO Josh Swihart, due to disagreements with the Bootstrap board over governance and resource allocation. Although there have been no technical failures on the network itself, the pace of upgrades and ambiguity in long-term planning have weakened investor confidence. Additionally, regulatory pressure on privacy coins continues to persist.
On the technical side, ZECâs daily chart has touched the lower Bollinger Band, with RSI approaching 30, indicating short-term momentum is near its limit and a technical rebound is possible. If buying interest returns, the price may attempt to rise back to the $310â$330 range, with resistance concentrated between $320 and $350. Conversely, if the price breaks below $280, it could open up further downside space. The market is currently at a critical juncture for direction. (crypto.news)
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