ZEC GAVE BACK ALMOST ITS ENTIRE 48% RALLY. THE NUMBERS TELL AN INTERESTING STORY.
Zcash ( $ZEC ) rose roughly 48% from September 15 to September 26, but by October 14, it had surrendered nearly all those gains.
Santiment data shows that open interest peaked first on September 17, social volume followed on September 18, and the daily closing price finally peaked on September 26.
> Open interest: Peaked at 1.60M ZEC on September 17. By October 14, it had fallen to 2.5% below its September 15 level.
> Social volume: Reached 671 mentions on September 18. By October 14, mentions had dropped to just 50, the lowest daily reading since September 2.
> Price: ZEC continued climbing even after leverage and social attention had peaked, eventually closing at $1,650 on September 26.
> The reversal: From that $1,650 peak, ZEC fell roughly 30%, closing at $1,145 on October 14. That left it only about 3% above its September 15 starting price.
Now comes another date to watch.
Zcash’s NU7 upgrade faces its mainnet activation decision tomorrow, October 20, with attention already at its lowest level since early September.
The question now is whether the NU7 decision can bring fresh interest back to ZEC or whether September’s rally has already run its course.
Tomorrow decides!
Zcash ( $ZEC ) rose roughly 48% from September 15 to September 26, but by October 14, it had surrendered nearly all those gains.
Santiment data shows that open interest peaked first on September 17, social volume followed on September 18, and the daily closing price finally peaked on September 26.
> Open interest: Peaked at 1.60M ZEC on September 17. By October 14, it had fallen to 2.5% below its September 15 level.
> Social volume: Reached 671 mentions on September 18. By October 14, mentions had dropped to just 50, the lowest daily reading since September 2.
> Price: ZEC continued climbing even after leverage and social attention had peaked, eventually closing at $1,650 on September 26.
> The reversal: From that $1,650 peak, ZEC fell roughly 30%, closing at $1,145 on October 14. That left it only about 3% above its September 15 starting price.
Now comes another date to watch.
Zcash’s NU7 upgrade faces its mainnet activation decision tomorrow, October 20, with attention already at its lowest level since early September.
The question now is whether the NU7 decision can bring fresh interest back to ZEC or whether September’s rally has already run its course.
Tomorrow decides!