Zcash is currently trading at $1,333.50, marking a 7.29% decline for the day. This price point sits approximately 21% below the peak of $1,698.00 reached in late September. Prior to this correction, the asset had experienced a 253% surge from a base of $480.72.
The Grayscale Zcash ETF, which launched on August 25 with the ticker ZCSH, reported a net outflow of $30.25 million yesterday. Despite this, cumulative net inflows for the fund remain at nearly $268 million. A 3-for-1 share split for the ETF also took effect recently.
Market sentiment is impacted by the September 24 hack of the Bitget exchange, where hackers stole approximately $387 million. Blockchain investigator ZachXBT reported that 2,746 ZEC, valued at about $3.9 million, moved from addresses linked to the hack into the Zcash shielded pool.
Technical indicators show the Relative Strength Index at 50.2, indicating a neutral position. The Average Directional Index stands at 52.0, reflecting a strong underlying trend. The 50-day exponential moving average remains above the 200-day average, maintaining a bullish structure.
Analysts suggest that a daily close below $1,233.00 could signal further downward movement, while reclaiming the $1,410.72 level might restore the previous upward momentum. The current price action is viewed as a correction following a period of significant growth.
