Zcash Surges Past $1,400 Amid Growing Retail Demand

Zcash (ZEC) surged past $1,400 on Thursday, defying the broader cryptocurrency market's downturn. The rally was driven by macro uncertainty and regulatory headwinds, which have fueled growing interest in the privacy-focused token.

Retail demand for ZEC has been increasing, with perpetual futures Open Interest (OI) rising to 2.3 million ZEC on Thursday, up from 1.76 million ZEC the previous day. This indicates strong retail support and may raise the odds of a short-term breakout above $1,500.

However, traders should exercise caution as the OI-Weighted Funding Rate has turned negative for nearly two days, suggesting that bulls are no longer willing to pay a premium in fees to keep their positions open. This could prompt profit-taking and push the price lower towards psychological support levels at $1,200 and $1,000.