Zcash Falls 25% Ahead of NU7 Upgrade as Liquidations Mount
Zcash rebounded 2.6% to $1,184 as traders monitored resistance near $1,214 and prepared for the NU7 network upgrade in November.
Zcash ($ZEC) rebounded approximately 2.6% to $1,184 on October 25, recovering from recent losses as traders prepared for the network's November upgrade despite continued liquidations and weak technical momentum. According to CryptoNews, the cryptocurrency gained 5.44% over seven days but remained 25.27% lower over the past month.
CoinGlass data showed $14.02 million in ZEC futures liquidations over a 24-hour period, mostly affecting long positions. Long liquidations accounted for approximately $10.03 million, while short liquidations reached $3.99 million. The imbalance indicates that traders betting on rising prices suffered most of the forced closures during the measured period.
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Technical Levels and Derivatives
Technical indicators placed resistance near $1,214 on the daily chart, with support around $1,175 and $1,100. ZEC traded below its 20-day simple moving average of $1,213.77, while the Relative Strength Index stood at 46.92. On October 23, crypto open interest declined 12.45% to $2.37 billion, and futures turnover fell 10.28% to approximately $7.23 billion.
NU7 Upgrade Details
Zcash developers are preparing the NU7 upgrade for early November, with activation scheduled at block 3,543,405 around November 5. The upgrade will reduce the target block interval from 75 seconds to 25 seconds, allowing transactions to receive their first confirmation approximately three times faster. The Zebra 7.0.0 release supports the new consensus rules, which also introduce a mechanism that temporarily reserves part of transaction fees for future block rewards without altering the 21 million coin supply limit.
Key facts
- Zcash price rose 2.6% to $1,184 on October 25, while remaining down 25.27% for the month.
- CoinGlass reported $14.02 million in total ZEC liquidations over 24 hours, with $10.03 million coming from long positions.
- The upcoming NU7 network upgrade is expected around November 5 at block 3,543,405.
- NU7 reduces the target block interval from 75 seconds to 25 seconds.
Source: crypto.news
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