Monero Smashes $670 Barrier As Zcash Implodes: Privacy Capital Rotates Aggressively

[Ben Graham]

Monero broke past $650 this week and kept climbing as traders moved out of Zcash amid internal governance disputes. The shift marked a sharp rotation inside the privacy-coin market.

XMR crossed $670 in the last 24 hours and reached about $579 during the early Asian session on Jan. 12, based on market data and price trackers. 

Market Cap

24h 7d 30d 1y All Time

A monthly chart posted by Ali Charts shows Monero still moving inside the long-term rising channel that has shaped its trend since 2020.

I bet those supposed "OGs" swapping Bitcoin $BTC for Monero $XMR will be very disappointed if… pic.twitter.com/Nl9f6yDoPl

— Ali Charts (@alicharts) January 12, 2026

Price touched the upper boundary of that channel near $600 and then slowed, which points to strong resistance at that level. 

The pullback signals cooling momentum after a fast rally, but the bigger trend is still intact as long as XMR stays above the rising support zone near $300.

The pattern looks more like a multi-year consolidation with steadily higher lows rather than a reversal.

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Why Is Monero Trading Near $600 While Zcash Faces Governance Turmoil?

In Zcash’s case, the pressure is coming from governance disputes and control over key ecosystem assets. Analysts are calling Zcash “the portfolio killer.”

Zcash's entire core dev team just resigned.

The $ZEC token is down 20% on the news.

Is this the end of the privacy meta? pic.twitter.com/ky6wyUy8vg

— Lark Davis (@LarkDavis) January 8, 2026

Zcash is pulling back on the daily chart after a strong rally earlier this month. Price ran into heavy resistance between $470 and $500, a zone that lines up with key Fibonacci levels.

That area has now turned into a short-term supply.

Before the drop, ZEC was moving higher inside a rising channel. It printed higher highs and higher lows. But momentum slowed as price reached the 0.618–0.786 Fibonacci range. 

Sellers stepped in, and the price broke below the lower edge of the channel.

Since then, the tone has shifted. Several strong red candles suggest sellers are in control for now. The structure points to a deeper retracement rather than a quick bounce.

#ZEC / USDT – Daily Timeframe Analysis$Zcash is currently in a corrective pullback after a strong impulsive move, and price is reacting around a major Fibonacci resistance zone, which is now acting as supply.

$470 – $500

If ZEC finds support around $300 – $320 and shows clear… pic.twitter.com/0Qz8WEmTkI

— Rose Premium Signals (@VipRoseTr) January 12, 2026

Attention has moved to the $300–$320 zone. This area matches prior support and the base of the larger move. The analyst said Zcash is “currently in a corrective pullback after a strong impulsive move.”

He added that if ZEC “finds support around $300–$320 and shows a clear bullish reaction,” the market could turn higher again. 

Holding that level would keep the broader uptrend intact and reopen the path toward $500 and beyond.

Bootstrap said the conflict began because of nonprofit legal and fiduciary limits. 

These issues surfaced as the board discussed outside funding and possible structures to privatize Zashi, a self-custodial wallet designed for private Zcash transactions.

The Electric Coin Company (ECC) pushed back. It said recent governance changes made its work impossible to continue. 

Finance Magnates quoted ECC CEO Josh Swihart, who said staff were “constructively discharged.”

This shift is also happening as regulators tighten their stance on privacy-focused crypto activity.

In Dubai, the Dubai Financial Services Authority said updates to its Crypto Token regime took effect on January 12. 

The revised rulebook clearly bans the use of “privacy tokens” within the Dubai International Financial Centre.

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Key Takeaways

XMR crossed $670 in the last 24 hours and reached about $579 during the early Asian session on Jan. 12, based on market data and price trackers. 

Analysts are calling Zcash “the portfolio killer.”

The post Monero Smashes $670 Barrier As Zcash Implodes: Privacy Capital Rotates Aggressively appeared first on 99Bitcoins.