Zcash holds above $1,600 as shielded activity and fund inflows surge

Key takeaways

• Zcash remains above $1,600 after gaining 10% during the previous session.
• Weekly shielded transactions reached 62,379, their highest level since 2022.
• The newer Ironwood pool accounted for 55,549 of the shielded transactions recorded last week.
• A confirmed breakout above $1,700 could put the $2,000 psychological level in focus, while $1,595 is the nearest support.

Zcash (ZEC) continued its rally on Wednesday, trading around $1,619 after gaining 7.5% during the previous session. 

Rising use of the network’s privacy features and stronger demand for regulated ZEC investment products are supporting the token’s positive price action.

The privacy-focused cryptocurrency is also approaching the upper boundary of a bullish channel near $1,700. 

Momentum indicators remain constructive without showing excessively overbought conditions, allowing buyers to attempt another breakout.

A decisive move above $1,700 could carry ZEC into price discovery and bring the $2,000...