Coinspeaker
19 hour ago
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ZCash Drops Below $480, Loses Key Support Levels

The privacy coin ZCash (ZEC) has experienced a significant drop, correcting nearly 30% over the past week. Currently, it is trading 7.5% lower and has lost its crucial support at $480.

ZCash Price Dynamics

  • ZEC has fallen below its 50-day simple moving average and the $480 support level.
  • The next critical support is at the 38.2% Fibonacci retracement level, pivotal for maintaining the uptrend.
  • If ZEC closes below this level, it may confirm a structural downtrend with potential target ranges of $410–$425 and $370–$380.

ZCash price breakdown | Source: Ardi

Market Indicators

  • A move back above $480 might indicate a liquidity sweep instead of a broader downtrend.
  • CoinGlass data shows a 7% drop in ZEC futures open interest, signaling reduced trader exposure and market uncertainty.

ZCash open interest declines | Source: CoinGlass

Demand Trends

  • Earlier high demand for ZEC led to a nearly 1,000% rally between September and October.
  • The Orchard pool peaked at 4.21 million ZEC on Nov. 4, indicating a slowdown in demand.
  • Grayscale's submission of the ZCSH Form S-3 filing is a step towards launching exchange-traded products for ZEC.

Shielded ZEC Pools | Source: ZECHUB