Zcash Falls 3.8% as Futures Open Interest Drops 12%

Zcash ($ZEC) fell 3.78% over the 24-hour period ending October 23, trading down to approximately $1,225 according to data reported by CryptoNews. The decline extended the token's volatile October trading pattern, bringing its monthly loss to approximately 24.19%.

The downward price action coincided with a significant contraction in derivatives markets. ZEC futures open interest dropped 12.45% to $2.37 billion, while futures trading volume declined 10.28% to $7.23 billion, according to CoinGlass data cited by the publication. The simultaneous declines in price and outstanding positions indicate that traders have been closing leveraged positions.

Technical Levels and Indicators

Technical indicators show immediate resistance near $1,234 and $1,250, with $1,200 acting as a key support area. The cryptocurrency has traded between a 24-hour low of $1,187.54 and a high of $1,281.24.

Analyst Ali Martinez identified a potential recovery path toward $1,350 if the asset can defend its nearby support levels, though the token currently trades below its 21-day moving average of $1,233.95 while remaining above its nine-day moving average of $1,199.81. Another analyst, Crypto Yoda, pointed to $1,360 as an important breakout level after a move beyond a descending channel.

Network Upgrades Ahead

Beyond derivatives and technical factors, market participants are monitoring the upcoming NU7 network upgrade. Developers are targeting activation around November 5, with proposed changes including a reduction in target block times from 75 seconds to 25 seconds while maintaining the existing issuance rate.

Key facts

• Zcash fell 3.78% to approximately $1,225 on October 23.
• Futures open interest dropped 12.45% to $2.37 billion.
• Futures trading volume declined 10.28% to $7.23 billion.
• The NU7 upgrade is targeted for activation around November 5, aiming to reduce block times to 25 seconds.