Zcash Price Climbs 1.5% as Raoul Pal Warns Rally May Be Cooling

The Zcash price has surged 1.5% in the last 24 hours to trade at $398 on a 14% decrease in the daily trading volume to $681 million.

That increase in Zcash price comes after Real Vision founder Raoul Pal suggested capital rotation rather than a lasting structural uptrend. On the When Shift Happens podcast, Pal noted that while Zcash has gained roughly 699% since the start of 2025, recent momentum has slowed. Over the past 30 days, the token has declined about 37%, indicating the rally may be cooling.

Pal emphasized that the critical factor to watch is whether Zcash can form a stable base and resume an upward trend. Without this, the price movement aligns more with a rotation of funds into the privacy-focused asset than a genuine breakout.

Despite broader market weakness, Zcash outperformed for much of the year, with its market cap rising from under $1 billion in August to over $7 billion in early November. Interest has grown following bullish comments from figures like Arthur Hayes and a rising demand for privacy-centric cryptocurrencies. Institutional attention has also increased, highlighted by Grayscale’s pursuit of a spot Zcash ETF.

Pal added that he is not rushing to buy at current levels and would prefer to consider Zcash during a potential future market downturn, reinforcing a cautious stance despite the token’s strong year-to-date performance.

Zcash Price Signals Early Bullish Reversal

Zcash price action on the 4-hour timeframe presents a well-defined technical transition from a bearish trend into an early bullish phase. After an aggressive rally that pushed the price above the $700 region, ZEC entered a prolonged corrective cycle.

This phase confirms sustained selling pressure and a dominant downtrend. Each relief rally was capped by prior resistance zones, shown by the red supply areas on the chart, reinforcing bearish control throughout November.

Downside momentum weakened near the $300–$330 support zone, where price repeatedly failed to break lower. This area acted as a demand zone and initiated a rounded bottom formation. The curvature of the bottom indicates a slow but steady shift in market control from sellers to buyers.

This shift is further validated by the emergence of higher lows, signaling a major bullish reversal and trend exhaustion on the downside.

ZECUSDT Analysis Source: Tradingview

Following the reversal, ZEC rallied sharply and reclaimed the $380–$400 region, which now acts as an intermediate support level. Price is currently consolidating beneath a key resistance cluster between $430 and $470, an area aligned with previous breakdown levels and visible supply imbalance.

Zcash Eyes Breakout as Buyers Absorb Selling Pressure

This consolidation indicates price acceptance, not rejection, implying that buyers are absorbing selling pressure ahead of a potential continuation move. A clean breakout and sustained close above the $470 resistance would confirm trend continuation and open the path toward higher targets near the psychological $500 zone.

Conversely, failure to break resistance could trigger a healthy pullback toward the $380–$360 support range, preserving the bullish structure as long as higher lows remain intact.

Meanwhile, the RSI (14) indicates a recovery from oversold level and is now hovering around the neutral 50 level, with room for expansion. Additionally, the absence of bearish divergence strengthens the case for continuation.