Zcash falls 7.34% as its rebound stalls—Can $1,200 hold?
ZEC’s rebound suffered a sharp interruption, leaving buyers defending $1,200 while faster transaction confirmations approach on the network’s roadmap.
Zcash [ZEC] lost 7.34% on October 22, interrupting a recovery that saw it briefly go above the $1,300 price area. At the time of this writing, it was near the $1,225 price level, slightly above the day’s opening level.
The setback puts the $1,200 price area back in focus as futures numbers also decline. All this is coming as developers release software for the planned network upgrade in November, giving holders another development to watch apart from the daily swings.
A setback after a sharp recovery
ZEC had climbed from about $1,100 toward $1,350 before Thursday’s decline of over 7% erased most of that gain.
But despite the loss, the daily chart shows some ground remains below the price. ZEC held above its 50-day price average near the $1,193 price level, while its longer-term averages was considerably lower.
That leaves $1,190–$1,200 as the immediate test for it. If it holds this area, part of the recovery will be preserved. But if it continues to trade below it, it could go down to its recent lows around the $1,100 price area.
Buyers also face a nearby obstacle. Friday’s rise reached around $1,259 before easing, making the $1,240–$1,260 price area the first area to recover and hold. Beyond that, the latest rebound’s peak around the $1,320–$1,360 price area remains a harder challenge.
Futures exposure retreats alongside the price
CoinGlass’s open interest chart shows the dollar value of outstanding ZEC futures contracts falling after a recent jump toward $3 billion.
Its decline can show positions closing, but falling ZEC prices also reduce their dollar value.
November’s upgrade moves a step closer
The Zcash Foundation released Zebra 7.0.0 on October 22, providing stable software support for the forthcoming NU7 upgrade.
Activation is set for block 3,543,405, which is expected to be around November 5. The upgrade targets a reduction in block times from 75 seconds to 25 seconds, which will shorten the expected wait for a first transaction confirmation.
Daily ZEC issuance and the 21 million supply cap remain unchanged.
Final Summary
- Zcash steadied near $1,225 after Thursday’s 7.34% loss, leaving $1,200 as an immediate test.
- NU7 software is available ahead of expected November activation, while futures exposure has contracted.
