ZCash reclaims $400, but here’s why the recovery could be short-lived

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CryptoNewsNet2026/07/03 05:42

By:CryptoNewsNet

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ZCash reclaims $400, but here’s why the recovery could be short-lived

ambcrypto.com 16 m

ZCash reclaims $400, but here’s why the recovery could be short-lived image 1

The crypto market has started July off on a positive note. Though June forced sizeable losses across the market, a positive start to the new month has given many altcoins a new lease of life.

Bitcoin [$BTC] has gained 6.26% from the low of $57,800 made on July 1, and the altcoin market cap, including Ethereum, has expanded by 4.05%.

ZCash reclaims $400, but here’s why the recovery could be short-lived image 2

Source: Axel Adler Jr. on X

In a post on X, crypto analyst Axel Adler Jr. explained that the Bitcoin Open Interest fell by 23k $BTC, though net taker buy volume was $68 million. The lack of growth in OI, despite aggressive buying in the perpetual markets, suggested a lack of fuel to sustain the upward move.

A lack of bullish follow-through can negatively impact altcoins, including ZCash [$ZEC]. The token was up 5.28% in 24 hours, but its OI has grown by only 1.33%, indicative of a lack of speculative interest.

AMBCrypto reported that a $ZEC whale had opened a $8.1 million long position, but that the price structure remained bearish. Here’s what $ZEC bulls need to see before they can bet on a sustained uptrend.

The former range above $500 is pivotal for revival

ZCash reclaims $400, but here’s why the recovery could be short-lived image 3

Source: $ZEC/USDT on TradingView

The 1-day chart showed a bearish internal market structure. The $486.61 low made in mid-May fell below the local range’s low, but the buyers were not able to defend this demand zone for long.

The subsequent waves of selling forced a price drop below $400 on two occasions in the weeks since this bearish breakdown.

At the time of writing, the CMF was at +0.08 to show significant buying pressure. The recovery from $176 earlier this year was part of a longer-term uptrend, but as things stand, the $480-$540 supply zone must be overcome to revive the idea of a bullish recovery.

If, instead, $ZEC falls below the $360-$380 local support zone once again, swing traders and investors can expect the move to continue toward the next support level at $300.

Final Summary

The $360-$380 local support zone and $480-$540 resistance zone were the key battlegrounds $ZEC swing traders must watch.
If the short-term Bitcoin bounce fails to gain traction, a momentum reversal could hurt $ZEC and push it back below $400.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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