ZCash (ZEC) was one of the biggest gainers over the past 24 hours, rising 8.17% with a 43% jump in daily trading volume.
The gains came after the ZCash Open Developmental Lab (ZODL) announced it had secured over $25 million in seed funding to continue building a privacy-focused ecosystem.
The funding round saw support from Paradigm, a16z crypto, Winklevoss Capital, Coinbase Ventures, among other leading crypto and technology angel investors.
ZODL was founded by Josh Swihart, former CEO of Electronic Coin Company. ECC’s engineering and product teams left ZCash in January following a governance dispute over Bootstrap.
This conflict made it difficult to work “effectively and with integrity,” Swihart said. After joining ZODL, the team continued to create the core user interface for ZCash.
The Zodl wallet was one of the focal points of the team. The self-custodial mobile wallet app allows users to hold ZEC and execute protected transactions. According to the project, the wallet has expanded ZCash’s protected pool by over 400% since its launch in 2024 (then named Zashi).
Funding news sends ZCash soaring
Statistics from Coinalyze showed that ZEC Open Interest rose 9% in 24 hours. This corroborated the increase in spot trading volume, showing that speculators and spot buyers were interested in ZCash.
The press release catalyzed short-term price gains for the privacy token, but longer-term, the retracement phase is not yet complete.
Source: ZEC/USDT on TradingView
The longer time frame trend was bullish and the retracement from $750 to $187, while seemingly extreme, was part of the longer time frame retracement. However, this is aimed at investors with a multi-year horizon.
For swing traders and short-term holders, ZCash remains biased to the downside for now. The triggers for a bullish recovery have not yet been triggered.
What is this trigger and how should traders prepare?
Source: ZEC/USDT on TradingView
The fourth half swing structure remained bearish after the recent high below $203.5 (orange) was breached.
To reverse the swing structure bullishly, the $251.4 high must be reclaimed.
This is where the $250 bearish order block was also located. The large supply zone overload posed a short-term threat, even though prices rebounded by almost 10% in one day.
Buyers can wait until this area is suitable for demand before purchasing.
Their patience would be rewarded with a much stronger bullish setup than currently observed.
Final summary
- News of ZCash Open Development Lab’s $25 million seed funding sent ZEC prices up almost 10% for the day.
- Analysis over multiple time frames gave ZEC traders and investors different signals. The $250 and $187 levels were the crucial levels nearby.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
