Zcash (ZEC) slipped 0.58% to USD 1,229.85 on October 23 as traders reduced futures exposure amid a broader market decline.
CoinGlass data shows futures open interest down 12.45% to approximately USD 2.37 billion, alongside weaker trading activity. The pullback follows a volatile recovery this month, with ZEC struggling to regain USD 1,250.
Zcash traded lower alongside a cautious cryptocurrency market following Thursday's sell-off in U.S. technology shares. The Nasdaq Composite fell 2.60% on October 22 as investors assessed corporate earnings and concerns over artificial intelligence spending.
The stock-market losses do not establish a direct cause for ZEC's decline. However, they provide context for weaker demand for risk assets. Bitcoin recorded a smaller decline in the latest market snapshot, while Zcash faced greater selling pressure.
Meanwhile, ZEC experienced wide price swings throughout the session. According to Zcash price data, the cryptocurrency traded between approximately USD 1,188 and USD 1,281 over the preceding 24-hour period after recently approaching USD 1,300.
CoinGlass derivatives data showed Zcash futures open interest declining 12.45% to approximately $2.37 billion. Futures trading volume dropped 10.28% to USD 7.23 billion during the same reporting period.
Open interest measures the value of outstanding futures contracts. Its decline alongside falling prices suggests traders reduced their positions rather than increased their overall exposure. However, the figures cannot establish whether liquidations or voluntary closures drove the reduction.
A separate market snapshot placed trading volume near USD 1.03 billion, down 26.92%. The slowdown came as the ZEC price traded near its daily pivot of USD 1,228.34. A previous Zcash derivatives analysis documented similar reductions in leveraged positions during September.
Technical indicators place ZEC's nine-day moving average at USD 1,199.81 and its 21-day average at USD 1,233.95. The shorter average remains below the longer one, while the Relative Strength Index stands near 48.7, slightly below its neutral level of 50.
ZEC faces immediate resistance around USD 1,234 and USD 1,250. Analyst Ali Martinez identified a possible recovery toward USD 1,350 if the cryptocurrency can hold above USD 1,250. However, with prices currently below that level, buyers must first reclaim it.
On the downside, USD 1,200 remains an important support level, followed by USD 1,190. A sustained breakdown below these levels could bring the USD 1,100 region back into focus.
The Zcash Foundation announced Zebra 7.0.0 on October 22, calling it the “First stable release with support for NU7 on Mainnet.” The network upgrade is scheduled for block 3,543,405, with activation expected around November 5.
NU7 will reduce target block times from 75 seconds to 25 seconds. It will also allocate 60% of transaction fees to a reserve for future miner rewards while maintaining the existing daily issuance rate.
The Foundation has instructed node operators to update their software before activation. The Zcash NU7 upgrade preparations follow a successful testnet deployment. However, the upgrade's effect on ZEC's market price remains uncertain.
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