Zcash (ZEC) price stalled near $620 resistance after completing its measured target from a multi-month cup-and-handle breakout pattern, according to latest data from crypto.news. The token traded around $552 at press time on May 12 after briefly surging above $620 earlier in the session. The latest rally was largely driven by a confirmed breakout from a large cup-and-handle pattern visible on the daily chart, with the bullish continuation setup forming over several months before ZEC finally broke above the neckline resistance near the $400 region earlier this month. Following the breakout, Zcash quickly completed its measured move target near the $620 area, where strong selling pressure has now started emerging as traders lock in profits after the sharp rally.
According to reports from Odaily Planet Daily, Grayscale submitted the first application for a Zcash spot ETF on May 8, marking a historic milestone for privacy coin investment products. The filing seeks NYSE Arca listing under ZCSH if regulators approve the plan. The proposed product would trade under the ticker ZCSH and would be renamed Grayscale Zcash Trust ETF if the registration becomes effective. The trust's goal is to hold ZEC and let share value reflect the ZEC held by the trust, minus fees and liabilities. Meanwhile, Zcash shielded pools have reached an all-time high of $5.18 billion as of April 2026, representing over 31% of the total circulating supply and underscoring strong demand for private storage solutions.
Momentum indicators are beginning to show early warning signs of exhaustion, with the MACD remaining in bullish territory but the gap between the MACD and signal lines starting to narrow considerably, suggesting a bearish crossover may soon form if upward momentum continues fading, as reported by crypto.news. The RSI recently surged above 74, briefly pushing ZEC into overbought territory before starting to trend lower, which often signals that profit-taking pressure may increase after extended rallies. If bearish momentum strengthens further, Zcash could retest the key breakout support near the $400 region, which now acts as the most important level bulls need to defend to preserve the broader bullish structure. On the upside, bulls would need to reclaim the $600–$620 resistance zone to invalidate the developing bearish setup and potentially reopen the path toward higher resistance levels not seen since late 2025.
According to crypto.news, the trust's latest quarterly filing showed it held about 391,103.89 ZEC as of March 31, 2026. Its ZEC investment had a fair value of $99.4 million at quarter-end, down from $200.4 million at the end of 2025. Despite the recent pullback, ZEC remains one of the strongest-performing cryptocurrencies over the past several weeks following its parabolic rally from below $250 in April. The token also benefited from growing interest in privacy-focused cryptocurrencies as investors increasingly rotated into assets offering stronger transaction confidentiality amid rising regulatory scrutiny across the broader crypto sector. Data shows that approximately 30% of ZEC's supply is held in shielded addresses, highlighting the privacy-focused nature of the token.
The Zcash network has seen remarkable growth in privacy-focused activity, with shielded pools reaching an all-time high of $5.18 billion as of April 2026. This figure accounts for more than 31% of the total circulating supply, signaling a robust shift among users toward confidential transactions. The Orchard upgrade, introduced in 2022, further enhanced privacy features by removing trusted setup requirements and improving throughput. Unified Addresses represent a significant advancement, enabling shielded-by-default transactions where any ZEC received to a unified address is automatically shielded, making the transaction private by default. Increasing usage of Zcash's shielded pools has continued to reduce actively circulating supply, which amplified upside volatility during the breakout phase as buying demand accelerated. The shift toward Unified Addresses and the Orchard upgrade has simplified privacy management, enabling shielded-by-default transactions for both retail and institutional users.
