Zcash has seen a cumulative increase of 250% in the past few months, but bears have kept its upward momentum below $1,700, followed by a price decline of over 37%. Currently, the price has shown some recovery, but this round of increase for ZEC still seems to be unable to break free from bearish pressure. This popular privacy token has failed to break through $1,400, which has now become an important short-term resistance level.
In addition to the callback, derivatives data has also clearly declined, indicating that traders are withdrawing from the market. At the same time, the upcoming NU7 upgrade is seen as an important catalyst. The question now is whether Zcash will be able to hold the nearby support level and trigger a rebound, or whether the continuous selling pressure will push prices even lower.
The downward channel trend remains a focus of attention.
After pulling back from a local high of around $1,368, the price is now reported at around $1,231. Despite the pullback, the price remains above the downward channel, but the current consolidation suggests that a bearish trend may continue. Unless buyers intervene with strong trading volume, this rebound remains fragile.
In the short term, RSI is operating near the average range, indicating that momentum is neither excessively bullish nor bearish. Therefore, if ZEC can hold the 200-day moving average, and this level coincides with the local support at $1,193, while also breaking through the local resistance at $1,400, then this upward trend could turn into a more robust recovery. If a bearish scenario occurs and the price falls below this level, it might drag down to the support of $1,113 or even lower.
ZEC Derivative positions raise concerns
Derivative data from Zcash indicates that market exposure has declined since the high point in September. The number of open contracts has fallen from $2 billion to $1.461 billion, and the funding rate is 0.0046, which is close to the zero axis on the chart. A neutral funding rate suggests that there are currently no clear signals of extreme positions.
At the same time, clearing activities experienced significant fluctuations during this period, with several clear spikes appearing, indicating that leveraged positions were under pressure at different stages. Overall, these data point to a lower level of futures exposure, and the funding rates did not provide any strong directional signals. For prices to stabilize, open contracts need to rebound alongside an increase in spot buying. If prices fall while open contracts rise, it suggests that new positions are being established during the downward trend.
Zcash Price Forecast: ZEC What will happen next month?
An important catalyst that traders need to pay attention to is the upcoming NU7 upgrade, scheduled for around November 5, 2026. This upgrade aims to reduce the block interval from 75 seconds to 25 seconds and increase the transaction throughput capacity. The market generally believes that this will have a significant impact on prices, and market sentiment as well as network activity will also play an important role.
Therefore, if the price of ZEC can hold the $1,193 support level, the bulls may push the market towards higher targets; otherwise, the $1,000 support level may become the focus again. For now, until there is a clear breakout, the outlook for Zcash remains cautiously bearish.
