Zcash (ZEC) has delivered a powerful 40% rally over the past month, driven by growing demand for privacy-focused assets as Bitcoin dominance slipped and the Altcoin Season Index climbed to 58. Yet, fresh technical warnings suggest the token may be due for a pullback. According to a daily chart analysis, ZEC recently reversed from a resistance cluster near $540 – a level that stopped the previous correction in mid-June – aligning with the upper Bollinger Band and the 61.8% Fibonacci retracement of the sharp May impulse. With bearish sentiment resurfacing across crypto markets, the path of least resistance points to the next round support at $500, a former resistance from early July.
While ZEC grapples with this technical setup, analyst Michaël van de Poppe is turning his attention to NEAR Protocol. He noted that capital is rotating into altcoins and that NEAR is holding a crucial support level. “Honestly, I think that we’re going to see much more momentum coming in from $NEAR,” he tweeted, adding that he plans to accumulate more if the current level fails. NEAR is up 1.47% in the last 24 hours against a 1.09% broader market drop, with trading volume jumping over 40%.
The connection between the two coins runs deeper than sector rotation. Zcash’s upcoming Ironwood upgrade – set for July 28, fixing a bug in the Orchard shielded pool and adding formal verification – has amplified the privacy narrative. NEAR, though not a pure privacy coin, benefits through its layer‑2 ecosystem where developers are building privacy‑focused applications. Van de Poppe placed NEAR among his top altcoin picks this week, underscoring the token’s undemanding valuation.
Technically, NEAR is testing the 78.6% Fibonacci retracement at $1.92, a level that has held twice in the past week. A daily close above $2.00 would confirm bullish control, with a near‑term target of $2.15 and an extended target of $2.42. However, current volume remains below the 20‑day average, signaling that conviction is still lacking. A break below $1.92 would open the door to $1.74, a level van de Poppe intends to use for a higher‑risk‑reward entry.
The macro backdrop adds uncertainty. U.S.-Iran tensions and rising oil prices have reignited inflation fears, and the upcoming CPI report could inject fresh volatility across risk assets. For now, the market is sending mixed signals: Zcash faces a short‑term correction, while NEAR Protocol’s privacy tailwind and technical setup keep it on the radar for a potential leg higher.
